The correct answer is 1950.

Important Points

• The Planning Commission was replaced by the NITI Aayog.
• It was established on 15 March 1950, with Prime Minister Jawaharlal Nehru as the chairman.
• Planning Commission Functions:
  • Formulate and draft a Plan for the most balanced and effective usage of the country’s resources.
  • Make and define the stages of an evaluation of the capital, material, and human resources of the nation, including technical personnel, and study the possibilities of enhancing these resources for building up the nation.
  • Determine and indicate the factors that the kind of machinery required for obtaining the successful execution of each stage of the Plan in all its aspects.

Key Points

• The first Five-year Plan was launched in 1951.
• The present Chairman – Prime Minister Narendra Modi.