NITI Aayog: the National Institution for Transforming India that replaced the Planning Commission

Background

The Government replaced the Planning Commission with a new institution named NITI Aayog, constituted on 01-January-2015.
The Prime Minister of India is the Chairperson.
The Governing Council comprises the Chief Ministers of all the States and the Lt. Governors of Union Territories.
The Vice-Chairperson is appointed by the Prime Minister, as is the Chief Executive Officer, for a fixed tenure in the rank of Secretary to the Government of India.
A maximum of 4 members of the Union Council of Ministers are nominated as ex-officio members.
Regional Councils are formed for issues affecting more than one state or a region, convened by the Prime Minister.