NITI (National Institution for Transforming India) Aayog will have a governing council comprising all Chief Ministers and Lt. Governors.
The Planning Commission will be replaced by a body called NITI Aayog (National Institution for Transforming India) as part of a plan to restructure the institution, and like its predecessor, the Prime Minister will be the institution's chairperson.
NITI Aayog will have a governing council comprising all Chief Ministers and Lt. Governors.
The decision comes months after Prime Minister Narendra Modi announced that it will be replaced by a new body.
The Prime Minister had stressed on the need for a suitable body to replace the Commission and said the role, relevance and restructuring of the plan panel had been repeatedly questioned for more than two decades.
Earlier, Mr. Modi held consultations with Chief Ministers at a meeting where most favoured restructuring of the body.
Mr. Modi had announced in his Independence Day speech that the Planning Commission would be replaced by a new body in sync with the contemporary economic world.
After announcing the disbanding of the 64-year-old institution in his speech, Prime Minister Narendra Modi invited ideas on the new institution that would replace the panel through a special “open forum” created by the government.