The correct answer is NITI Aayog.

• The National Institution for Transforming India was set up on 1 January 2015 as a successor of the Planning Commission.
• Planning Commission of India was an organization in the Government of India, which formulated India’s Five-Year Plans, among other functions.
• The planning commission was charged with the service of the opportunities to all for employment in the service of the community.
• The Planning Commission was reporting directly to the Prime Minister of India.
  • It was established on 15 March 1950, with Prime Minister Jawaharlal Nehru as the chairman. 
• The Planning Commission was set up by a Resolution of the Government of India in March 1950.
• The prime objectives of the Government were to propel a rapid increase in the living standard of Indians by the productive exploitation of the country’s resources, raising production and securing opportunities for everyone for employment in the service of society. 

• Composition of Planning Commission :
  • The Prime Minister was the Chairman of the Planning Commission, which used to work under the overall guidance of the National Development Council.
  • The Deputy Chairman and the full-time members of the Commission, as a composite body, provided advice and guidance to the subject Divisions for the formulation of Five Year Plans, Annual Plans, State Plans, Monitoring Plan Programmes, Projects, and Schemes.
• The first Five-year Plan was launched in 1951 and subsequent Five-year plans were formulated till 1965 when a gap occurred due to the war with Pakistan.
• Two successive years of drought, devaluation of the currency, a general rise in prices, and erosion of resources disrupted the planning process and after three Annual Plans between 1966 and 1969, the fourth Five-year plan was started in 1969.
• The Eighth Plan could not take off in 1990 due to the fast-changing political situation at the Centre and the years 1990-91 and 1991-92 were treated as Annual Plans.
• The Eighth Plan was finally launched in 1992 after the initiation of structural adjustment policies.