The Union government’s policy think tank, which replaced the Planning Commission. It is an executive body created by a Cabinet resolution — not a constitutional or statutory one — and it advises rather than allocates: unlike its predecessor it has no power to hand out funds to States.
Who runs itChaired by the Prime Minister, with a Vice-Chairperson, a Governing Council of Chief Ministers and Lieutenant Governors, and full-time members.
Why it is examinedThe "constitutional vs statutory vs executive body" distinction is a standing Prelims trap, and the loss of fund-allocation power is the usual Mains angle on cooperative federalism.
Verify the standing facts against the official source: NITI Aayog ↗