NITI

(National Institution for Transforming India) will replace the

The Prime Minister will be the chairperson of the panel.

NEW DELHI:AayogPlanning Commission, which was established in 1950.NITI Aayog to have a governing council comprising all chief ministers and lieutenant governors.The decision comes nearly three weeks after Modi held consultations with chief ministers at a meeting where most favoured restructuring of the Socialist-era body but some Congress chief ministers opposed disbanding of the existing set-up.Reports say the decision to rename the Plan panel was taken at Monday's Cabinet meeting.Prime Minister Narendra Modi has maintained that the Planning Commission has outlived its utility and time has come to replace it with a new body.In his Independence Day address to the nation, PM had announced his govt's intent to set up a new body.While addressing the Chief Ministers on December 7, Modi had invoked former Prime Minister Manmohan Singh who had said on April 30 last year that the current structure has "no futuristic vision in the post-reform period".However, the govt's move has faced strong resistance from Congress.Congress leader Manish Tewari, speaking to Times Now, called the move ' a fluff with no substance'.The Trinamool Congress also slammed the government's move.(With inputs from PTI)