The correct answer is option 4, 1950. The Planning Commission was set up in India in the year 1950.

Let`s analyze the other options to understand why they are not correct:

Option 1: 1947 - This option is incorrect because the Planning Commission was not set up in 1947. In 1947, India gained independence from British rule, and the focus at that time was on establishing a new government and adjusting to the new political landscape.

Option 2: 1948 - This option is incorrect because the Planning Commission was not set up in 1948 either. The immediate years after independence were primarily focused on the process of forming a new government and dealing with the challenges of partition.

Option 3: 1949 - This option is also incorrect because the Planning Commission was not set up in 1949. In 1949, the Constitution of India was adopted, and efforts were being made to establish a democratic framework and lay down the principles of governance.

Therefore, the correct answer is option 4, 1950. In that year, the Planning Commission was formed to oversee and guide the economic and social development of India.