The correct answer is option 3, 1950. The Planning Commission of India was established in the year 1950. The Planning Commission was an important institution in India`s economic planning and development process. It was set up to formulate and implement five-year plans for the country, with the goal of achieving balanced and sustainable growth. The Commission played a crucial role in allocating resources, setting targets, and coordinating the efforts of various sectors and stakeholders. It was chaired by the Prime Minister of India and consisted of members from different fields such as economics, industry, and social sciences. The Planning Commission played a significant role in shaping India`s economic policies and development strategies until its disestablishment in 2014.