CSEET Current Affairs For Economic and Business Environment : NITI AAYOG

CSEET Current Affairs For Economic and Business Environment :  NITI AAYOG 

NITI Aayog

NITI stands for National Institution for Transforming India. It was established with the aim to achieve sustainable development goals with cooperative federalism by encouraging the involvement of State Governments of India in the economic policy-making process using a bottom-up approach.

To know the need of NITI Aayog, we have to know about its precursor.

• The Planning Commission was established in March 1950 by a Government of India
• Prime Minister as Chairperson.
• To establish heavy industries through public investment for achieving rapid industrialization.
• Its functions was to assess and allocate plan resources, formulate plans and programs for area development, determine implementation methodology, identify resource constraints and appraise & adjust implementation.
• The Planning Commission from 1950 to 2014 formulated twelve five year plans.
• The Prime Minister announced the closure of the Planning Commission from the ramparts of Red Fort on August 15, 2014.

Now let take a break to know that need which is necessary for the study, the key take away that the planning commission was a top-down model wherein actions and policies are initiated at the highest level; hierarchical. So it flows from Central to State. After 6 decades of planning commission with the model a need for change was necessitated.

Learn complete CSEET Current Affairs For Economic and Business Environment :  NITI AAYOG here.

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