The correct option is B March, 1950
Planning
Commission was assigned the task of formulating a plan for most
effective and balanced utilization of the country's resources.Planning Commission was an institution which was set up on 15th March,
1950 by a Resolution of the Government of India in order to Formulate
and regulate India's Five year Plans.The principal task of the Planning Commission is to formulate the five-year plans.At the union the role of Planning Commission is crucial.