Concept:The Planning Commission of India was established by a government resolution in 1950 to formulate and oversee the nation’s Five-Year Plans for economic development. Explanation:The Planning Commission was set up on 15 March 1950. Its first chairman was Prime Minister Jawaharlal Nehru. The Commission acted as an advisory body for resource allocation and planning. It was replaced by NITI Aayog on 1 January 2015. Note that the First Five-Year Plan was launched in 1951, but the Commission itself was formed a year earlier, in 1950. Options 1947, 1951, and 1956 refer to India’s independence, the start of the First Plan, and the Second Plan respectively, not the establishment of the Commission. Answer:Option B: 1950