Planning Commission gives way to Niti Ayog

 "Niti Ayog" that is going to be the new name for the Planning Commission. This will be the new and restructioned body that decides the direction of economic strategising.

The committee will have five full time members and four union minister. Experts from various fields would also be made members.
Planning Commission is a Nehruvian legacy that was modeled after Joseph Stalin's five-year plan. Narendra Modi announced that he would do away with the body during his August 15 speech. The Niti Ayog would be guided by the Team India concept, where states would have a greater role in policy making. The states felt that the principle of "one-size-fits-all" for schemes and programmes does not work.