Renowned pro-growth economist Arvind Panagariya will be the first vice-chairman of the newly announced NITI Aayog, which has replaced the Planning Commission.

The vice-chairman would be of Cabinet rank. The new body -- the National Institution for Transforming India Aayog -- will be headed by the prime minister, and comprise a vice-chairperson, besides full-time and part-time members. Bibek Debroy and V K Saraswat are full-time members

The Aayog will have a governing council, comprising all chief ministers and lieutenant governors, and will work towards fostering co-operative
federalism for providing a national agenda to the Centre and states.

Panagariya, mentored by trade economist Jagdish Bhagwati, is one of the main brains behind the recent labour reforms in Rajasthan. He was vice-chairman of Rajasthan chief minister's economic advisory council.