Introduction:
The Planning Commission of India was a government institution that was responsible for formulating five-year plans for the economic development of the country. It was established in the year 1950.

Explanation:
The Planning Commission of India was established on March 15, 1950. It was set up by a resolution of the Government of India and was given the task of formulating a comprehensive plan for the economic development of the country. The first five-year plan was launched in 1951, with the aim of increasing agricultural production, developing basic infrastructure, and promoting industrialization.

The Planning Commission was headed by a Deputy Chairman and had a number of members, including experts from various fields such as economics, agriculture, education, and health. The Commission was responsible for allocating resources to different sectors of the economy and ensuring that the plans were implemented effectively.

Over the years, the role of the Planning Commission evolved. It played a key role in the Green Revolution of the 1960s, which led to a significant increase in agricultural production. It also played a crucial role in the industrialization of the country and the development of the public sector.

In recent years, there has been a debate about the relevance of the Planning Commission in the current economic scenario. In 2014, the government of India decided to replace the Planning Commission with a new institution called NITI Aayog (National Institution for Transforming India).

Conclusion:
The Planning Commission of India was established in the year 1950 to formulate comprehensive plans for the economic development of the country. It played a crucial role in the development of the Indian economy over the years. However, with changing economic realities, the government of India decided to replace the Planning Commission with a new institution called NITI Aayog.