The correct answer is: c) NITI Aayog
NITI Aayog is a policy think tank of the Government of India, established with the goal of providing the Prime Minister with “focused and result-oriented” policy advice on economic and social issues. It was formed in January 2015 by the then-Prime Minister Narendra Modi, replacing the Planning Commission, which had been in existence since 1950.
NITI Aayog is headed by a full-time Vice Chairman, who is appointed by the Prime Minister. The Vice Chairman is assisted by a number of full-time and part-time members, who are drawn from academia, industry, and the civil service.
NITI Aayog’s mandate includes:
- Formulating strategies and policies for sustainable development
- Promoting economic growth and investment
- Improving infrastructure and connectivity
- Promoting good governance and public service delivery
- Reducing poverty and inequality
NITI Aayog has been working on a number of initiatives, including the preparation of a national infrastructure plan, the launch of a new industrial policy, and the promotion of entrepreneurship and innovation.
The Finance Ministry is responsible for the formulation and implementation of the Government of India’s fiscal policy. The Reserve Bank of India is the central bank of India and is responsible for the formulation and implementation of monetary policy. The State Planning Boards are responsible for the formulation and implementation of economic plans at the state level.
The Finance Ministry, the Reserve Bank of India, and the State Planning Boards are all important institutions in the Indian economy. However, NITI Aayog is the primary institution responsible for economic planning in India.