In which of the following years was the Planning Commission of India set up?

1950

The correct answer is Option 2 - 1950

The Planning Commission of India was set up in the year 1950.

NITI Aayog is a statutory body. It was established by an Act of the Parliament in 2015, replacing the Planning Commission. This means its existence and functioning are based on a law passed by the Parliament, not directly by the Constitution.