The correct answer is option 3, Dr. Arvind Panagariya. NITI Aayog, also known as the National Institution for Transforming India, is a policy think tank of the Government of India. It was established in 2015 to replace the Planning Commission. The Vice Chairperson plays a crucial role in shaping the policies and initiatives undertaken by NITI Aayog.
Option 1, Dr. Bibek Debroy, is incorrect. Although he is a prominent economist and a member of NITI Aayog, he is not the Vice Chairperson.
Option 2, Dr. V.K. Saraswat, is also incorrect. While he has held important positions in the government, he is not the Vice Chairperson of NITI Aayog.
Option 4, Arun Jaitley, is incorrect. Though Arun Jaitley was a well-known politician and served as the Minister of Finance in the Government of India, he was not the Vice Chairperson of NITI Aayog.
Therefore, the correct Vice Chairperson of NITI Aayog is Dr. Arvind Panagariya.