Explanation:

- Correct Answer: Option 2 - 1950

- The Planning Commission was established on 15th March 1950 by a resolution of the Government of India.

- It was tasked with designing and implementing five-year plans to guide India's economic development.

- Option 1 - 1947: This year marks India's independence, but the Planning Commission was not established until 1950.

- Option 3 - 1949: During this year, the framing of the Indian Constitution was underway, but the focus on structured economic planning through the Planning Commission came later in 1950.

- Option 4 - 1952: This was the commencement year of the first five-year plan, not the establishment of the Planning Commission.

The Planning Commission played a crucial role in planning and resource allocation until it was replaced by the NITI Aayog in 2015.