[[1]] is replaced by the NITI Aayog.

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Detailed Solution

1) The Planning Commission was formed in 1950, and Jawaharlal Nehru was the first chairman of this commission. It is known best for formulating five-year plans, and the first five-year plan was launched in 1951. It had the power to impose policies on states and also allocate funds to ministries and state governments.
2) The NITI Aayog was formed on 1 January 2015, replacing the Planning Commission. It comprises chief ministers of all states, lieutenant governors of UTs, and a vice-chairman nominated by the Prime Minister. In the NITI Aayog, state governments play a more significant role. NITI Aayog cannot impose policies on the states and has no power to allocate funds as it is just an advisory body.

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