NITI Aayog has been mandated to serve as a policy think-tank for the central as well as state governments and has Prime Minister as its Chairperson.
NITI Aayog has a unique innovative framework to facilitate states to participate in policy making which would help India to become a formidable economic power, said former IIM Director Bakul Dholakia. Government has replaced the erstwhile Planning Commission with the NITI (National Institution for Transforming India) Aayog on January 1.
The Aayog has been mandated to serve as a policy think-tank for the central as well as state governments and has Prime Minister as its Chairperson. "Niti Aayog represents an innovative and appropriate institutional framework to replace Planning Commission, which had lost its relevance & effectiveness in the post-reform era," said Dholakia who is Director of International Management Institute.
He further said, "With a new focus on sound strategic & technical advice covering the entire spectrum of socio-economic policy issues within a unique framework of Cooperative Federalism, Niti Ayog is expected to transform Indian Economy into a formidable economic super power in the years to come."
Unlike its predecessor, NITI Aayog will have all Chief Ministers and Lt. Governors on its Governing Council in the spirit of cooperative federalism. Besides, it will also have Regional Councils, which would be formed to address specific issues and contingencies impacting more than one state or a region.
Dholakia further said: "The key to the success of this innovative structure will be the nature of multi-disciplinary team that would comprise Niti Ayog and the degree of independence and confidence that it enjoys with regard to the the central and the state governments."
The Aayog will also have experts, specialists and practitioners with relevant domain knowledge nominated by the Prime Minister as special invitees. The two part-time members of the new body would be from leading universities and research organisations. According to a Prime Minister's Office statement, Aayog will put an end to "slow and tardy implementation of policy.
Centre-to-state one-way flow of policy, that was the hallmark of the Planning Commission era, is now sought to be replaced by a genuine and continuing partnership of states".Subscribe to Moneycontrol Pro and gain access to curated markets data, exclusive trading recommendations, independent equity analysis, actionable investment ideas, nuanced takes on macro, corporate and policy actions, practical insights from market gurus and much more.