The newly formed NITI Ayog, as a replacement for the age-old Planning Commission, will now have renowned economist Arvind Panagariya as its vice-chairman. "NITI", is an acronym for "National Institute for Transforming India". The landmark signboard before the Yojana Bhawan has also been re-painted as Niti Ayog. Five more full-time members of the Ayog are likely to join next week.