In which year, the Planning Commission of India was replaced by the National Institution for Transforming India (NITI) Aayog?

2015

The correct answer is option (1) - 2015

The Government of India replaced the Planning Commission with a new institution named NITI Aayog. NITI Aayog stands for National Institution for Transforming India. The NITI Aayog came into existence on 1 January 2015. The Prime Minister was its Chairperson. At that time Shri Narendra Modi was the PM of India. Thus, he became the first chairperson of the NITI Aayog. The Vice-Chairperson of NITI Aayog is appointed by the Prime Minister of India.

Composition of NITI Aayog: 

Ex-officio chairman is Prime Minister of India.

A Governing Council composed of Chief Ministers of all the States and Union territories with Legislatures and lieutenant governors of Union Territories (except Delhi and Puducherry).
Regional Councils composed of Chief Ministers of States and Lt. Governors of Union Territories in the region to address specific issues and contingencies impacting more than one state or a region.
Full-time organizational framework composed of a vice-chairperson, four full-time members, two part-time members (from leading universities, research organizations and other relevant institutions in an ex-officio capacity), four ex-officio members of the Union Council of Ministers, a chief executive officer (with the rank of Secretary to the Government of India) who looks after administration, and a secretariat.
Experts and specialists in various fields.