In the context of the Government of India's think tank NITI Aayog, who served as the first Vice Chairperson (Vice Chairman) of NITI Aayog after its creation, working alongside the Prime Minister in guiding national policy?

Introduction / Context:
NITI Aayog (National Institution for Transforming India) was created to replace the Planning Commission and to act as the apex policy think tank of the Government of India. At the top of its structure is the Prime Minister as Chairperson and a Vice Chairperson who plays a key role in shaping strategies, coordinating with States and advising on reforms. Many competitive exams test awareness of the first key office bearers of newly created institutions, including the first Vice Chairperson of NITI Aayog.

Given Data / Assumptions:
- The body in question is NITI Aayog, formed after the abolition of the Planning Commission.- The question asks about the first Vice Chairperson, that is, the person who initially occupied this post.- The options include Dr Bibek Debroy, Dr V K Saraswat, Dr Arvind Panagariya and Arun Jaitley.

Concept / Approach:
When NITI Aayog was constituted, the Government appointed a well known economist as its first Vice Chairperson. Dr Arvind Panagariya, an economist with international academic experience, was chosen for this role. Other figures in the options also held important positions in or around NITI Aayog, but not as its first Vice Chairperson. Therefore, you must distinguish between different roles such as full time members, part time members and external advisors.

Step-by-Step Solution:
Step 1: Recall that Dr Arvind Panagariya, an economist with experience at Columbia University and international organisations, was widely reported as the first Vice Chairperson of NITI Aayog when it was formed.Step 2: Dr Bibek Debroy is a well known economist who served as a full time member of NITI Aayog and later chaired the Prime Minister's Economic Advisory Council, but he was not the first Vice Chairperson.Step 3: Dr V K Saraswat is a scientist and defence expert who served as a full time member of NITI Aayog, focusing on areas such as science and technology, but again not as Vice Chairperson.Step 4: Arun Jaitley was the Union Finance Minister and a key political leader but did not hold the post of Vice Chairperson of NITI Aayog.Step 5: From the above, it is clear that Dr Arvind Panagariya is the correct answer as the first Vice Chairperson.

Verification / Alternative check:
A helpful way to verify is to remember the transition from the Planning Commission to NITI Aayog. Many news articles at that time highlighted that a prominent economist, Dr Arvind Panagariya, was appointed as the first Vice Chairperson, signalling a shift towards research oriented, reform focused policymaking. This association is repeatedly mentioned in exam preparation materials, which supports the answer.

Why Other Options Are Wrong:
Option A (Dr Bibek Debroy) is wrong because he served as a member of NITI Aayog and later in the Economic Advisory Council to the Prime Minister, not as the first Vice Chairperson.Option B (Dr V K Saraswat) is wrong because, although he is a respected scientist and member of NITI Aayog, he was not appointed as its first Vice Chairperson.Option D (Arun Jaitley) is wrong because he was the Finance Minister and did not occupy the Vice Chairperson role in NITI Aayog.

Common Pitfalls:
Students often confuse different positions within NITI Aayog, assuming that any senior economist associated with it might have been Vice Chairperson. Another typical error is to misattribute the role to a Cabinet Minister because of their visibility. To avoid this, remember the specific pairing: Prime Minister as Chairperson and Dr Arvind Panagariya as the first Vice Chairperson at the start of NITI Aayog's functioning.

Final Answer:
Correct answer: Dr Arvind Panagariya