NITI Aayog, or the National Institution for Transforming India, is a policy think tank and governmental agency in India. It was established to replace the Planning Commission of India and was officially launched on January 1, 2015. The creation of NITI Aayog marked a shift from the centralized planning approach to a more decentralized and participative approach in India's economic planning and development.

Formation and Objectives:

• NITI Aayog was formed with the aim of fostering cooperative federalism by involving states in the economic policy-making process. It serves as a platform for collaborative decision-making among the central and state governments to address economic and social issues.

Composition:

• NITI Aayog is chaired by the Prime Minister of India, and its members include key ministers, chief ministers of states and union territories, and subject-matter experts. It operates with a flexible structure that allows for the inclusion of relevant stakeholders in its various committees and working groups.

Functions:

• NITI Aayog's functions include formulating strategic and long-term policies and programs for the central and state governments. It provides critical inputs for economic planning, supports innovation and research, and promotes cooperative federalism.

Initiatives and Programs:

• NITI Aayog undertakes various initiatives and programs to address specific challenges in different sectors, including health, education, agriculture, and infrastructure. It plays a key role in formulating policies to promote sustainable development and inclusive growth.