(i) The National planning commission was set up in India in 1950.
(ii) A major function of the planning commission was to formulate a plan for the most effective and balanced utilization of the country's resources".
(iii) The planning commission formulated the First Five Year Plan for the period 1951 - 56.

NIT! Aayog (National Institution for transforming India) was formed on 1st January, 2015 through a Union Cabinet resolution. NITI Aayog is a policy think-tank of the Government of India. It replaced the Planning Commission from 13th August, 2014. The Prime Minister. is the Chairperson of NITIAayog and Union Ministers will be Ex-officio members. The Vice-Chairman of the NITI Aayog is the functional head.
Functions of NITI Aayog
1. Cooperative and Competitive Federalism
2. Shared National Agenda
3. Decentralized Planning
4. Vision and Scenario Planning
5. Network of Expertise
6. Harmonization:
7. Conflict Resolution
8. Coordinating Interface with the World
9. Internal Consultancy
10. Capacity Building
11. Monitoring and Evaluation

(i) The absence of freedom in decision making, may act as an obstacle for economic growth.
(ii) Regulations and restrictions are the backbone of a planned economy.
(iii) The consumers, producers and the workers enjoy no freedom of choice.
(iv) Therefore Hayek explains in his book Road to Serfdom that centralized planning leads to loss of personal freedom and ends in economic stagnation.

(i) The WorlthBank in its World Development Report classified various countries on the basis of Gross National Income (GNI) per capita.
(ii) Various countries on the basis of Gross National Income (GNI) per capita.

Characteristics of under developed couriers are,
(i) Predominance of primary sector(ie) agriculture.
(ii) Low per capital income
(iii) Widespread poverty
(iv) Wide inequality in distribution of income and wealth.
(v) Over Population.
(vii) Low rate of capital formation.
(viii) High rate of unemployment.
(ix) Technological backwardness
(x) Dualism