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Planning Commission or Yojana Aayog the prestigious policy making institution for a long period of 65 years, was dissolved on 17th August 2014. After India achieved independence, the formal model of soviet- style planning was adopted and accordingly planning commission was established on March 15, 1950 with the Prime Minister as its Chairman. In 1951 the first five-year plans was launched despite the economic liberalization initiated by Prime Minister P.V. Narasimha Rao in 1991, the Planning Commission continued but since 1997. It was felt that planning should be indicative in nature. However in view of the spirit and changed dynamics of New India's approach of less government and a move away from centralized planning. NITI Aayog with a new structure and focus on Policy, replaced Planning Commission on 1st January, 2015. Finance Minister Arun Jaitly outlined the necessity for creating NITI Aayog as "the 65years Planning Commission had become a redundant organization. It was relevant in a command economy structure, but not any longer. India is a diversified country and its states are in various phases of economic development along with their own strength and weakness. In this context a one size a 'one size fits all' approach to economic planning is obsolete. It cannot make India competitive in today's Global Economy."