Explanation: On January 1, 2015, the government formally abolished the PC by replacing it with the newly created body—the NITI Aayog.

• With this there ended an era in the economic history of independent India. Whether it was better to revive the PC or abolish it has been a matter of much debate among the discipline experts, politicians and the media.
• The debate, at times, had emotional tones, too. But the government has its own wisdom behind the action (a detailed discussion on it has been included as the last sub-topic of this Chapter titled ‘NITI Aayog’).

Source: Ramesh Singh