Planning Commission will now be called as 'Neeti Aayog'. Sources said, the Aayog will be chaired by the Prime Minister and will have one Vice Chairman to be appointed by him. It will have maximum of five full time members.

Prime Minister Narendra Modi in his independence day address, had announced that the Planning Commission will be replaced by a new body which will be in sync with the contemporary economic world.

Recently, the Prime Minister also had held consultation with all Chief Ministers where he talked about an effective structure which will strengthen cooperative federalism and the concept of Team India.

The Planning Commission was established in 1950.