NITI Aayog  or the National Institution for Transforming India is a Government of India policy think-tank established by the  government to replace the Planning Commission. The stated aim for NITI Aayogs creation is to foster involvement and participation in the economic policy making process by the State Governments of India. 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. The Prime Minister serves as the Ex-officio chairman.

On May 29, 2014, the Independent Evaluation Office submitted an assessment report to Prime Minister with the recommendation to replace the  Planning Commission with a "control commission". On August 13, 2014, the Union Cabinet scrapped the Planning Commission, to be replaced with a diluted version of the National Development and Reform Commission (NDRC) of India. On January 1, 2015 a Cabinet resolution was passed to replace the Planning Commission with the newly formed NITI Aayog (National Institution for Transforming India).

Finance Minister made the following observation on the necessity of creating NITI Aayog, "The 65-year old Planning Commission had become a redundant organisation. It was relevant in a command economy structure, but not any longer. India is a diversified country and its states are in various phases of economic development along with their own strengths and weaknesses. In this context, a  one size fits all’ approach to economic planning is obsolete. It cannot make India competitive in todays global economy.

The NITI Aayog comprises the following:

1. Prime Minister of India as the Chairperson
2. A Governing Council composed of Chief Ministers of all the States and Union territories with Legislatures and lieutenant governors of other Union Territories.
3. Regional Councils composed of Chief Ministers of States and Lt. Governors of Union Territories in the region to address specific issues and contingencies impacting more than one state or a region.
4. Full-time organizational framework composed of a Vice-Chairperson, three full-time members, two part-time members (from leading universities, research organizations and other relevant institutions in an ex-officio capacity), four ex-officio members of the Union Council of Ministers, a Chief Executive Officer (with the rank of Secretary to the Government of India) who looks after administration, and a secretariat.
5. Experts and specialists in various fields 

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