The Government of India, in keeping with its reform agenda, constituted the NITI Aayog to replace the Planning Commission instituted in 1950. Founded on 1st January, 2015, the National Institution for Transforming India or NITI Aayog has been created to serve as the think tank of the Government of India. The Prime Minister of India serves as the Chair of the institution.
Cooperative federalism: NITI Aayog aims to evolve a shared vision of national development with the active involvement of States. Through consultative and other mechanisms, it endeavours to inform of the best practices developed in one or more States or in other parts of the world to all States for possible adoption.
Strategic Work: The institution designs strategic and long-term policy and programme frameworks and initiatives.
Monitoring: Also, NITI Aayog actively monitors and evaluates the implementation of programmes and initiatives, including the identification of the needed resources so as to strengthen the prospects of success of the latter.
Information and Communication: The Aayog publishes policy research papers on contemporary issues, brings out books on best practices, prepares model laws to help States reform their policies and organizes workshops and conferences.
Innovation - Funding: The Atal Innovation Mission (AIM) is a flagship initiative of the Prime Minister of India, set up by NITI Aayog to promote innovation and entrepreneurship in India. For this purpose AIM awards grants, for instance for the establishment of world class incubators at universities to enable the youth to create new startups.