Which agency in India was responsible for formulating Five-Year Plans?

Establishment
The Planning Commission was set up in 1950 by a resolution of the Government of India, under the chairmanship of Prime Minister Jawaharlal Nehru.
Its creation was inspired by the Soviet model of centralized economic planning.
Role in Five-Year Plans
The Commission prepared Five-Year Plans that outlined India’s economic development strategy.
These plans set targets for growth in agriculture, industry, infrastructure, education, and health.
The Commission coordinated with central and state governments to allocate resources and monitor progress.
First Five-Year Plan (1951–56)
Focused on agriculture, irrigation, and energy to tackle food shortages and lay the foundation for industrial growth.
Modeled partly on the Harrod–Domar growth model.
Later Developments
The Planning Commission continued to frame plans until 2014, when it was replaced by the NITI Aayog (National Institution for Transforming India).
NITI Aayog shifted the focus from centralized planning to a more decentralized, cooperative federalism approach.
In short: The Planning Commission (1950–2014) was the body that formulated India’s Five-Year Plans, guiding the country’s economic development strategy before being replaced by NITI Aayog.