Step 1: Understanding the Role of NITI Aayog:
NITI Aayog (National Institution for Transforming India) is the premier policy think tank of the Government of India, providing both directional and policy inputs.
Step 2: Identifying the Predecessor Institution:
The NITI Aayog was established by the NDA government on January 1, 2015. It was created to replace the Planning Commission, which had been responsible for formulating India's Five-Year Plans since 1950. The shift from the Planning Commission to NITI Aayog was intended to move from a centralized planning model to one that fosters cooperative federalism, involving the states more as equal partners in the development process.
Step 3: Analyzing Other Options:
Finance Commission: This is a constitutional body (under Article 280) that is constituted every five years to define the financial relations between the central government and the individual state governments. It continues to exist and function independently.
Commerce and Industry Commission and Labour Commission: These are not standing bodies in the same vein as the Planning or Finance Commissions. Commissions for these sectors are typically formed for specific purposes and timeframes.
Step 4: Final Answer:
NITI Aayog came into functioning as a substitute for the Planning Commission.