Correct Answer: (c) Union Cabinet passing a special resolution
Solution:The Planning Commission was set up in March 1950 by the first Prime Minister Jawaharlal Nehru to optimize scarce resources in newly-born Nation. Prime Minister Narendra Modi announced on August 15, 2014, from the Red Fort to abolish old Planning Commission. In accordance with a key announcement made by Prime Minister Narendra Modi on Independence Day, the Union Government established NITI Aayog (National Institution for Transforming India), as a replacement for the Planning Commission on January 1, 2015. NITI Aayog will seek to provide a critical directional and strategic input into the developmental process.