Read the following passage and answer the given questions.

The idea of planning as a process after independence of rebuilding economy led to the establishment of Planning Commission in 1950. But in era of globalisation in 21st Century, Planning Commission was becoming ineffective and irrelevant in coping up with challenges of development. Hence during Independence Day speech on 15 August 2014, Prime Minister Narendra Modi announced about abolition of Planning Commission. NITI Aayog was constituted in place of Planning Commission on 1 Jan 2015 with objective of providing necessary technical advice to Union Government.

Which of the followings statements is correct about NITI Aayog?

NITI Aayog is a Think tank of Government of India

The correct answer is option (3) - NITI Aayog is a Think tank of Government of India

In 2014, the Planning Commission was replaced by NITI Aayog, a more robust organisation. It is more like a think-tank that works with stakeholders for developing the country.
The Planning Commission of India was an organization in the Government of India, which formulated India’s 5-Year Plans, among other functions. The Planning Commission was charged with the service of the opportunities to all for employment in the service of the community.
The PC was reporting directly to the PM of India. It was established on 15 March 1950, with PM Jawaharlal Nehru as the chairman. The PC did not derive its creation from either the Constitution or statute but was an arm of the Central/ Union Government.