The correct answer is (a). Explanation & Key Takeaways: • NITI AAYOG replaced Planning Commission on January 1, 2015, with emphasis on ‘Bottom –Up’ approach to envisage the vision of Maximum Governance, Minimum Government, echoing the spirit of ‘Cooperative Federalism’. • NITI stands for National Institution for Transforming India. (Statement a is not correct, it should be institution not institute) • Prime Minister is the chairperson of the NITI Aayog. Related Concepts: • Objectives of NITI Ayog: • To foster cooperative federalism through structured support initiatives and mechanisms with the States on a continuous basis, recognizing that strong states make a strong nation. • To develop mechanisms to formulate credible plans at the village level and aggregate these progressively at higher levels of government. • To pay special attention to the sections of our society that may be at risk of not benefitting adequately from economic progress. • To design strategic and long-term policy and program frameworks and initiatives, and monitor their progress and their efficacy. • To provide advice and encourage partnerships between key stakeholders and national and international like-minded Think Tanks, as well as educational and policy research institutions.