Question
Download Solution PDFIn 2015, the Planning Commission was replaced with the .
Answer (Detailed Solution Below)
Detailed Solution
Download Solution PDFThe correct answer is NITI Aayog.
Key Points
- NITI Aayog:
- NITI Aayog is not a constitutional body.
- It was established on January 1, 2015.
- It is formed in place of the Planning Commission.
- The ex-officio president of this is the Prime Minister.
- It is the premier policy ‘Think Tank’ of the Government of India, providing both directional and policy inputs.
- The NITI Aayog:
- Formed: 1 January 2015
- Headquarters: New Delhi
- Chairman - Narendra Modi
- Vice-Chairman - Dr. Suman Bery
- CEO - B.V.R. Subrahmanyam
Additional Information
- Monetary Policy Committee
- Monetary Policy CommitteeThe Reserve Bank of India (RBI) is vested with the responsibility of conducting monetary policy.
- This responsibility is explicitly mandated under the Reserve Bank of India Act, 1934.
- The primary objective of monetary policy is to maintain price stability while keeping in mind the objective of growth. Price stability is a necessary precondition to sustainable growth.
- In May 2016, the Reserve Bank of India (RBI) Act, 1934 was amended to provide a statutory basis for the implementation of the flexible inflation targeting framework.
- Competition Commission of India
- The Competition Commission of India is a statutory body formed by Competition Act, 2002.
- The competition commission of India was established on the recommendations of the Raghavan Committee.
- The commission is also a quasi-judicial body that gives opinions to statutory authorities and also deals with other cases.
- It was established on 14 October 2003.
- NaBFID
- NaBFID will be regulated and supervised as an All India Financial Institution by it under the RBI Act, 1934.
- The National Bank for Financing Infrastructure and Development (NaBFID) Act, 2021, received the assent of the President on March 28, 2021.
- NaBFID has been set up as a Development Financial Institution (DFI) to support the development of long-term infrastructure financing
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