Explanation:

- The Planning Commission of India was a government institution in India that formulated India’s Five-Year Plans, among other functions.

- Option 1: President

- The President of India is the ceremonial head of state and does not normally engage in daily governmental operations like heading the Planning Commission.

- Option 2: Prime Minister

- The Prime Minister of India traditionally served as the Chairman of the Planning Commission. This was the practice during its existence.

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- Option 3: Minister of Planning

- While the Minister of Planning played a significant role, they directly reported to the Chairman, who was the Prime Minister.

- Option 4: Finance Minister

- The Finance Minister deals with the fiscal policy but does not chair the Planning Commission.

The Planning Commission was replaced by the NITI Aayog in 2015, and its structure is different.