Read the paragraph given below and answer, the following question:

As in the USSR, the planning commission of India opted for Five Year Plans (FYP). The idea is very simple the government of India prepares a document that has a plan for all its income and expenditure for the next five years. Accordingly the budget of the central and all the state governments is divided into two parts 'non-plan' budget that is spent on routine items on a yearly basis and 'plan' budget that is spent on a five year basis as per the priorities fixed by the plan. A five year plan has the advantage of permitting the government to focus on the larger picture and make long term intervention in the economy.

The Planning Commission has been replaced by:

NITI Aayog

The correct answer is option (1) - NITI Aayog

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.