The  union government has on December 01, 2014 announced the establishment of NITI Aayog (National Institution for Transforming India), as a replacement for the Planning Commission. This comes after extensive consultation across the spectrum of stakeholders, including state governments, domain experts, and relevant institutions.

As per the press release issued by the Prime Minister's Office, the NITI Aayog will create a knowledge, innovation and entrepreneurial support system through a collaborative community of national and international experts, practitioners and partners. It will offer a platform for resolution of inter-sectoral and inter-departmental issues in order to accelerate the implementation of the development agenda. In addition, the think tank will monitor and evaluate the implementation of programmes, and focus on technology upgradation and capacity building.

The focus on the issues that were serving as impedement to industry's growth is surely the way forward. It is expected that the industry associations would react favorably to the decision. 

NITI Aayog will aim to accomplish the following objectives and opportunities: An administration paradigm in which the Government is an "enabler" rather than a "provider of first and last resort; Progress from "food security" to focus on a mix of agricultural production, as well as actual returns that farmers get from their produce. Ensure that India is an active player in the debates and deliberations on the global commons. Leverage India`s pool of entrepreneurial, scientific and intellectual human capital. Incorporate the significant geo-economic and geo-political strength of the Non-Resident Indian Community. Use urbanization as an opportunity to create a wholesome and secure habitat through the use of modern technology. Use technology to reduce opacity and potential for misadventures in governance.

The NITI Aayog aims to enable India to better face complex challenges, through the following: Leveraging of India`s demographic dividend, and realization of the potential of youth, men and women, through education, skill development, elimination of gender bias, and employment. Elimination of poverty, and the chance for every Indian to live a life of dignity and self-respect. Reddressal of inequalities based on gender bias, caste and economic disparities. Integrate villages institutionally into the development process. Policy support to more than 50 million small businesses, which are a major source of employment creation and safeguarding of our environmental and ecological assets