- NITI Aayog or the National Institution for Transforming India is a Government of India policy think-tank established by the Narendra Modi government to replace the Planning Commission.

- The stated aim for NITI Aayog's creation is to foster involvement and participation in the economic policy-making process by the State Governments of India.

- The Union Government of India announced the formation of NITI Aayog on 1 January 2015, and the first meeting was held on 8 February 2015. The Prime Minister serves as the Ex-officio chairman.

- The NDC was Constituted on 6th August, 1952, with Prime Minister as the Ex-officio Chairman. NDC aims to make cooperative environment for economic planning between states and the Planning Commission. It gives final approval to the Five Year Plan and evaluates the management of plans from time to time.

- It was based on the Harrod-Domar model.
- Its main focus was on the agricultural development of the country.
- Emphasized on technical, price stability, power and transport.
- This plan was successful and achieved growth rate of 3.6% (more than its target).

- It was based on the P.C. Mahalanobis Model.
- Its main focus was on the industrial development of the country.
- Advocated use imports which led to emptying of funds leading to foreign loans.
- It shifted basic emphasis from agriculture to industry far too soon.
- During this plan, price level increased by 30% against a decline of 13% during the first plan.
- This plan was successful and achieved growth rate of 4.1%.

- At its conception time, it was felt that Indian economy has entered it takeoff stage. Therefore, a was to make India a self reliant and self generating economy.
- Also, it was realised from the experience of first two planes that agriculture could be given the top priority to suffice the requirements of export and industry.
- Complete failure due to the Chinese aggression(1962), Indo Pak war (1962), and Indo Pak war (1965).

- The duration of plan holiday was from 1966 to 1969.
- The main reasons behind the plan holiday was the Indo-Pakistan war and the failure of third plan.
- During this plan annual plans were made and equal priority was given to agriculture its allied sectors and the industry sector.

- There were two main objectives of this plan i.e. growth with stability and progressive achievement of self reliance.
- Main emphasis on agriculture's growth rate.
- During this plan the slogan of 'Garibi Hatao' was given during the 1971 elections by Indira Gandhi.
- Fared well in the first two years with record production, last three years failure cause of poor monsoon.
- This plan failed and could only achieve a growth rate of 3.3% only against the target of 5.7%.
- Had to tackle the influx of Bangladeshi refugees before and after 1971 Indo-Pak war.

- Main objectives - removal of poverty (Garibi Hatao) and attainment of self reliance, through promotion of high rate, better distribution of income and a very significant growth in the domestic rate of saving.
- In this plan top priority was given to agriculture, next came to industry and mines.
- Overall this plan was successful which achieved the growth of 4.8% against the target of 4.4%.
- The draft of this plan was prepared and launched by the D.P. Dhar.
- The plan was terminated in 1978 (instead of 1979) when Janta government came to the power.

Rolling Plan

- This plan was started with an annual plan for 1978-79 and as a continuation of the terminated fifth year plan.
- There were two plans - One by Janta government which was in operation for two years only and the other by Congress government when it returned to power in 1980. The Janta government plan is also called Rolling plan.

- The basic objective of this plan was poverty eradication and technological self reliance.
- Other objectives - Increase in national income, modernisation of technology, ensuring continuous decrease in poverty and unemployment, population control through family planning etc.
- It was based on investment yojna, infrastructural changing and trend to growth model.
- Its growth target was 5.2% but it achieved 5.7%.

- The plan emphasized on policies and programmes which aimed at rapid growth in food grains production, increased employment opportunities and productivity within the framework of basic tenants of planning.
- For the first time the private sector got the priority over public sector.
- It was a great success, the economy recorded 6% growth rate against the targeted 5%.

- The eighth plan was postponed by two years because of political upheavals at the Centre and it was launched after a worsening balance of payment position and inflation during 1990-91.
- The plan undertook various drastic policy measures to combat the bad economic situation and to undertake an annual average growth of 5.6%.
- In this plan the top priority was given to development of the human resources i.e. employment, education, and public health.
- Some of the main economic performance during eighth plan period were rapid economic growth, high growth in exports and imports, improvement in trade and current account deficit.
- Duing this plan Narasimha Rao Govt. launched New Economic Policy of India.
- The plan was successful and got annual growth rate of 6.8% against the target of 5.6%.

- The main focus of this plan was 'growth with justice and equity'.
- It was developed in the context of four important dimensions: quality of life, generation of productive employment, a regional balance and self-reliance.
- It was launched in the 50th year of Independence of India.
- This plan failed to achieve the growth target of 7% and grow only at the rate of 5.6%.

- This plan aimed to double the per capita income of India in the next 10 years.
- Its objectives included achieving the growth rate of 8%, reduction of poverty ratio to 20% by 2007 and 210% by 2012, universal access to primary education by 2007, increase in literacy rate to 72% within the plan period and to 80% by 2012.
- Aimed to reduce the poverty ratio 15% by 2012.
- Its growth target was 8.0% but it achieved only 7.2%.

- It was prepared by the C. Rangarajan.
- Objectives:
Accelerate growth rate of GDP from 8% to 10% and then maintain at 10% in the 12th plan in order to double per capita income by 2016-17.
Increase agricultural GDP growth rate of 4% per year to ensure a broader spread of benefits.
Increase the literacy rate for persons of faith seven years or more to 85%.
Reduce infant mortality rate(MR) 28 and maternal mortality ratio(MMR) to 1 part 1000 live births.
Raise the sex ratio for age group 0-6 to 935 by 2011-12 and to 950 by 2016-17.
Ensure electricity connection to all village and BPL households by 2009 and the round-the-clock power by the end of the plan.
Reduce drop out rates of children from elementary school from 52.2% in 2003-04 to 20% by 2011-12.
- Its main theme was faster and more inclusive growth.
- Its growth rate target was 8.1% but it achieved only 7.9%.

- It is the current five year plan of India.
- The Draft approach to the Twelfth Five Year Plan (2012-2017) was approved by the NDC on 22nd October, 2011.
- Its main theme is Faster, More Inclusive and Sustainable Growth.
- It proposes a growth target of 8%.