- NITI Aayog was formed on January 1, 2015.
- It is neither a constitutional nor a statutory body.
- NITI Aayog is created via an executive resolution of the Union Cabinet.
- It is the premier policy ‘Think Tank’ of the Union Government, providing both directional and policy inputs.
- It had replaced the 65-year old Planning Commission established in 1950.
- Prime Minister is ex-officio Chairperson of the Aayog.
- NITI Aayog plays important role in designing strategic and long term policies and programmes for the Government.
- It also provides relevant technical advice to the Centre and States.
- It also acts as the quintessential platform of Union Government to bring States to act together in national interest, and thereby fosters Cooperative Federalism.
Why in news? NITI Ayog’s chairman Arvind Panagariya resigned.