What is NITI Aayog?

Since the Planning Commission was disbanded, no official plans for the economy have been developed anymore, but five-year defense plans are being created. 2017 through 2022 would have been the most recent. There isn’t a thirteenth five-year plan, though.

• A political think tank called the NITI Aayog was established to advise the government. Establishing a plan created from the standpoint of the Centre will not be a part of the NITI Aayog. Instead, it attempts to involve all states in creating systematic policies unique to each state.
• The NITI Aayog’s mission is to improve the effectiveness and cooperation of our country’s federal system by implementing the sustainable development goals (SDGs) that are developed in international fora.
• The Prime Minister serves as the NITI Aayog’s chairman. Amitabh Kant is now the planning commission’s CEO. All state’s chief ministers are members of the NITI Aayog’s governing council.

Conclusion:

After India gained its independence in 1950, economic planning was implemented since it was seen as crucial to expanding and developing the nation’s economy. The Planning Commission (1951–2014) and the NITI Aayog’s Five-Year Plans, which were created, put into action, and monitored, served as the vehicles for carrying this out (2015-2017).

Five-Year Plans of India List, Objectives, Achievements: First-ever five-year plan in the Soviet Union (Russia) in 1928, implemented by Joseph Stalin. Several capitalist and communist nations adopted the concept and later devised their schemes. After the Second World War, many developing countries turned to economic planning. These plans, typically five years, would analyze the state of the economy and include investment and expenditure plans for almost every area, from transport and energy to agriculture and industry. The Indian economy was in shambles when it attained freedom. The Indian economy was hamstrung by British rule; therefore, the fathers of development created a 5-year plan to develop it. The Planning Commission of India draughts oversees and evaluates the five-year plan in India. The planning ideology sustained the Indian economy from 1947 to 2017. The Planning Commission (1951–2014) and the NITI Aayog created, carried out, and supervised this through the Five-Year Plans (2015-2017). The new government abolished the Planning Commission, headed by Narendra Modi and he replaced it with the NITI Aayog (an acronym for National Institution for Transforming India).