What is NITI Aayog and its main functions?

NITI Aayog (National Institution for Transforming India):

• Establishment: Formed on 1st January 2015 via Cabinet resolution, replacing the Planning Commission as India's premier policy think tank.
• Cooperative Federalism: Fosters bottom-up planning involving State Chief Ministers in the Governing Council.
• Key Functions: Strategic and long-term policy formulation, monitoring & evaluation of schemes, promoting innovation, and knowledge hub.