Planning Commission was replaced by a new institution NITI AAYYOG on January 1, 2015, with emphasis on the ‘Bottom –Up’ approach to envisage the vision of Maximum Governance, Minimum Government, Sustainable development, echoing the spirit of cooperative federalism and Agricultural reforms. Hence option 1 is not correct.
NITI stands for “National Institution for Transforming India”.
The NITI Aayog will comprise the following -
Prime Minister of India is the Chairperson.
Governing Council consists of the Chief Ministers of all the States and Lt. Governors of Union Territories in India.
Regional Councils will be created to address particular issues and possibilities affecting more than one state.
These will be formed for a fixed term. It will be summoned by the Prime Minister.
It will consist of the Chief Ministers of States and Lt. Governors of Union Territories.
These will be chaired by the Chairperson of the NITI Aayog or his nominee.
NITI Aayog's full-time members had the rank of Minister of State.
NITI Aayog’s creation has two hubs called “Team India Hub” and “Knowledge and Innovation Hub”.
Team India - It leads to the participation of Indian states with the central government.
The Knowledge and Innovation Hub - It builds the institution’s think tank capabilities.