India espoused formal model of planning by constituting its 1st Planning Commission after independence on March This Commission team was authorized to report to Prime Minister directly as first Prime Minister, Pandit Jawaharlal Nehru was its chairman and rest members were supposed to work in synchronization with Deputy Chairman of this Commission. The Planning Commission helped in the formulation of twelve five year plans from 1952 till 2017 . However the planning commission was replaced by the NITI Aayog on 1 January, 2015 which continued the twelfth plan till 30th March 2017 .