The Planning Commission has been succeeded by the NITI Aayog, which has a 65-year heritage. The Planning Commission’s utility and significance had been questioned for a longer time. The replacement appears to be more appropriate and sensitive to the country’s current economic demands and scenario. It is a significant organisation that will undoubtedly play an essential part in the country’s development. The NITI Aayog has assumed the lead on blockchain applications in e-governance, naming the technology stack ‘IndiaChain.’ This article will cover the details of NITI aayog, its history, and objectives in Indian economics. 

What Is NITI Aayog?

The NITI Aayog, or “National Institution for Transforming India,” is the Government of India’s apex public policy think tank. The agency worked with catalysing economic growth and fostering cooperative federalism by involving “State Governments of India” in the financial plan process from the bottom up. Its objectives include the “7-year vision, strategy, “15-year road map,” and the action plan,” AMRUT, Digital India,  “Atal Innovation Mission,” and “Medical Education Reform”  and agricultural reforms.

The NDA government established it in 2015 to complement the Planning Commission, which operated on a top-down paradigm and denoted what NITI Aayog is. The NITI Aayog council comprises all state Chief Ministers, as well as the ‘Chief Ministers of Puducherry and Delhi,’ ‘Lieutenant Governors of all UTs,’ and a prime minister-appointed vice-chairman. Furthermore, floating members are chosen from prestigious universities and scientific institutions. A chief executive officer, ‘four ex-official members,’ and two part-time participants are among the members.

The structure of NITI aayog is The Prime Minister of India serves as the Chairperson of the Governing Council, which is made up of the Chief Ministers of all Indian states and the Lieutenant Governors of Union Territories. Region Councils will be established to handle specific challenges and opportunities that touch more than a single state. These will be generated for a particular period. The Prime Minister will call it.

What Is The History Of NITI Aayog?

On May 29, 2014, the “Independent Evaluation Office” released an evaluation report to “Prime Minister Narendra Modi,” recommending that a “control commission replace the Planning Commission.” Accordingly, the Union Cabinet abolished the Planning Commission India on August 13, 2014, to be duplicated by a weakened form of the National Advisory Council or NAC of India. On January 1, 2015, a Cabinet resolution was made to substitute the Planning Commission with the recently constituted NITI Aayog. On January 1, 2015, the “Union Government of India” announced the creation of NITI Aayog. On February 8, 2015, Narendra Modi presided over the initial meeting of the NITI Aayog.

On the necessity of establishing NITI Aayog, Finance Minister Arun Jaitley stated, The Planning Commission, which had been in operation for 65 years, had become obsolete. It was important in a control economy system, but it is no longer so. India is a diverse country, with states at varying stages of economic growth, each with its own set of strengths and disadvantages by stating what is NITI Aayog. A one-size-fits-all concept of economic planning is out of date in this setting. It will not enable India to compete in today’s economy globally.

Objectives Of NITI Aayog

• States’ active participation in “light of national objectives” and the provision of a framework ‘national agenda’.
• To foster cooperative federalism on an ongoing basis through well-organized assistance programs and procedures with the states.
• To develop ways for developing a sustainable plan at the village stage and subsequently aggregating them at various levels of government.
• An economic program that takes into account national security concerns is among the objectives of niti aayog.
• To provide particular regard to those segments of society who may be at threat of not benefiting sufficiently from economic advancement.
• Develop strategic and long-term policy, program, and initiative frameworks and initiatives and evaluate their development and success.
• To provide guidance and foster collaborations between key stakeholders, national and international think tanks, and educational and political research organizations.
• To develop knowledge, creativity, and a support system for entrepreneurs through a shared network of “national and international” professionals.
• To create a forum to resolve cross-sectoral and cross-departmental issues to expedite the progressive agenda’s completion.
• To maintain a cutting-edge Resource Centre, serve as a repository for research on excellent governance and best practices in socio-economic development, and assist in disseminating to participants.
• To efficiently screen and evaluate the execution of projects and strategies, including identifying the resources required to increase the probability of success.
• To focus on technology advancement and capacity growth to carry out programs and projects.
• To carry out any other actions required to execute the public investment schedule and objectives of Niti aayog.

Conclusion

At the suggestion of Prime Minister Narendra Modi, NITI Aayog has launched a new program termed “NITI Lectures: Transforming India.” This project aims to bring in internationally renowned policymakers, experts, and administrators to speak their minds, expertise, and experience in policymaking and better governance with their Indian counterparts.