A Plan refers to an arrangement made to achieve specific goal. A plan concerned to the entire economic system of the economy, it includes production, distribution, investment, exchange etc., with a proper planning objective or goal can be reached in a appropriate way with minimum hurdles. So, proper planning with specific objectives plays a major role in the economic development of the country. All the Five Year Plans have achieved less than the Targets except few. NITI Aayog has some important functions for economic development like cooperative federalism, strategic planning, decentralized planning etc. NITI Aayog is based on 7 pillars of effective governance. Therefore the present paper is mainly focused on view of NITI Aayog for development of the country and also to distinguish between planning commission & NITI Aayog. The NITI Aayog will also seek to put an end to slow and tardy implementation of policy, by fostering better Inter-Ministry coordination and better Centre-State coordination. It will help evolve a shared vision of national development priorities, and foster cooperative federalism, recognizing that strong states make a strong nation. So, finally the paper concludes that the planning commission had played a very important role for overall development of the country. Recent NITI AAYOG may add new ideas to the old planning commission to achieve further more development of the country. Very soon India will become a developed country from developing country.