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NITI Aayog replacement of Planning Commission of India

Planning Commission renamed "NITIAayog"
(i) India's Planning Commission will be renamed "Niti Ayog" as part of a plan to restructure the institution that the government believes has run its course.
(ii) The name,replacing"Yojana (planning)" with "niti(policy)" will be annonced in an amended resolution for the new plan body today,source said.
(iii) The Planning Commission had suggested to a group chaired by Prime Monister Narendra Modi that its replacement body should be structured to meet the need of changing economic paradigm and comprise sectoral experts and state's representative.
It was India's first Prime Minister Jawaharlal Nehru, a socialist who admired Joseph Stalin's drive to industrialize the Soviet Union, who in 1950 set up and chair- the planning Commission to map out a development path for India's agrarian economy.

Composition of NITI Aayog
Chairperson : Prime Minister.
Governing Council: CM's (States) & Lieutenant Governors (Union Territories).
Regional Councils: Formed on need-basis, incorporates CM's & Lt Governors of the region.
Members: Full time basis.
Part-Time Members : Max 2, Rotational, from relevant institutions.
Ex-officio Members: Max 4 from council of ministers, nominated by PM.
Special Invitees  : Experts, specialists, practitioners with domain knowledge.
CEO: Appointed by PM for fixed tenure.
Secretariat: If necessary.

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