Correct option is B
The Planning Commission, which was established in 1950, was responsible for formulating five-year plans and strategies for India’s economic development. It was replaced by the NITI Aayog (National Institution for Transforming India) in 2014, following a decision by the Government of India.
The purpose of NITI Aayog is to promote cooperative federalism, foster innovation, and provide a framework for evidence-based policy-making that aligns with the current economic and social needs of the country.
Additional Information:
- NITI Aayog focuses on:
- Encouraging state participation in policy-making.
- Fostering innovation and entrepreneurship.
- Addressing contemporary challenges like climate change and technology adoption.
- The body comprises the Prime Minister as the Chairperson, with a Governing Council of Chief Ministers and Lieutenant Governors of states and union territories.
Other Options:
- NABARD (National Bank for Agriculture and Rural Development): A specialized bank set up in 1982 to promote rural development and agriculture. It did not replace the Planning Commission.
- SEBI (Securities and Exchange Board of India): The market regulator established in 1988 to oversee securities and protect investors. It has no relation to economic planning or policy.
- Stand UP India Scheme: Launched in 2016 to promote entrepreneurship among SC/ST communities and women. It is a program, not an institutional replacement for the Planning Commission.
