NITI Aayog Will Help In Financial Empowerment Of States: Arun Jaitley

Union Finance Minister Arun Jaitley has said that NITI (National Institution for Transforming India) Aayog would play a key role in financial empowerment of states.

Jaitley said that the Planning Commission was relevant in a “command economy structure.”

"Now a particular scheme can be relevant for one state but not suitable for another state. In the process, the states will be more financially empowered and get more central funding," said Jaitley.

The finance minister assured that no state would lose its revenue. West Bengal had expressed apprehension of revenue loss.

The Prime Minister's Office had earlier said that states would now have a say in the formulation of policy as NITI Aayog will have a two-way communication, and not just from the Centre to states.

NITI Aayog had recently replaced the Planning Commission. It will have a governing council comprising of the chief ministers of all states and lieutenant governors of the union territories. The Prime Minister will chair the Aayog.