Arvind Panagariya is the current Vice Chairperson of NITI Aayog. The National Institution for Transforming India, also called NITI Aayog, was formed via a resolution of the Union Cabinet on 1st January, 2015. NITI Aayog is the premier policy ‘Think Tank’ of the Government of India, providing both directional and policy inputs. It also provides the relevant technical advice to the Centre and the States. It replaced the Planning Commission instituted in 1950. This was done in order to better serve the needs and aspirations of the people of India and to foster Cooperative Federalism. At the coreof NITI Aayog’s creation are two hubs – Team India Hub and the Knowledge and Innovation Hub.