Introduction:
The planning commission was a body that was established by the Government of India in 1950 to formulate and implement India's Five-Year Plans.

Establishment:
The Planning Commission was established on 15th March 1950 by an executive resolution of the Government of India. Its initial mandate was to promote a rapid rise in the standard of living of the people by efficient exploitation of resources, increasing production and offering opportunities to all for employment in the service of the community.

Functions:
The primary objective of the Planning Commission was to formulate and implement India's Five-Year Plans. Its functions included:

- Assessing the country's resources, both natural and human.
- Formulating Five-Year Plans and Annual Plans.
- Allocating resources to different sectors and states.
- Monitoring and evaluating the progress of plan implementation.
- Making policy recommendations to the government.

Abolition:
In 2014, the Planning Commission was abolished by the Government of India and was replaced by the NITI Aayog (National Institution for Transforming India). The NITI Aayog is a policy think-tank that provides strategic and technical advice to the government on various developmental issues.

Conclusion:
The Planning Commission played a significant role in India's economic planning and development for over six decades. Its establishment on 15th March 1950 marked a significant milestone in India's journey towards economic development.