The Union Government of India announced the formation of NITI Aayog on 1 January 2015, and the first meeting was held on 8 February 2015.
On 29 May 2014, the Independent Evaluation Office submitted an assessment report to Prime Minister Narendra Modi with the recommendation to replace the Planning Commission with a "control commission."
On 1 January 2015 a Cabinet resolution was passed to replace the Planning Commission with the newly formed NITI Aayog (National Institution for Transforming India).
The first meeting of NITI Aayog was chaired by Narendra Modi on 8 February 2015.
The Prime Minister as the Chairperson.
Vice Chairperson: Rajiv Kumar
Ex-Officio Members: Rajnath Singh, Arun Jaitley, Suresh Prabhu and Radha Mohan Singh
Special Invitees: Nitin Gadkari, Prakash Javadekar and Thawar Chand Gehlot
Full-time Members: Bibek Debroy (Economist), V. K Saraswat (former DRDO Chief), Ramesh Chand (Agriculture Expert) and Dr. Vinod Paul (Public Health expert)
Chief Executive Officer (CEO): Amitabh Kant
Governing Council: All Chief Ministers of States (and Delhi and Puducherry) and Lieutenant Governors of remaining Union Territories.
To foster cooperative federalism through structured support initiatives and mechanisms with the States on a continuous basis, recognizing that strong States make a strong nation
To develop mechanisms to formulate credible plans at the village level and aggregate these progressively at higher levels of government.
To ensure, on areas that are specifically referred to it, that the interests of national security are incorporated in economic strategy and policy
To pay special attention to the sections of our society that may be at risk of not benefiting adequately from economic progress.
To design strategic and long term policy and programme frameworks and initiatives, and monitor their progress and their efficacy. The lessons learnt through monitoring and feedback will be used for making innovative improvements, including necessary mid-course corrections
To provide advice and encourage partnerships between key stakeholders and national and international like-minded Think tanks, as well as educational and policy research institutions.
To create a knowledge, innovation and entrepreneurial support system through a collaborative community of national and international experts, practitioners and other partners.
To offer a platform for resolution of inter-sectoral and interdepartmental issues in order to accelerate the implementation of the development agenda.
To maintain a state-of-the-art Resource Centre, be a repository of research on good governance and best practices in sustainable and equitable development as well as help their dissemination to stake-holders
To actively monitor and evaluate the implementation of programmes and initiatives, including the identification of the needed resources so as to strengthen the probability of success and scope of delivery.
To focus on technology upgradation and capacity building for implementation of programmes and initiatives.
To undertake other activities as may be necessary in order to further the execution of the national development agenda, and the objectives mentioned above.