- The NSC was set up in 2005 based on the Rangarajan Commission's report. - Dr. C. Rangarajan was the founding chairman of the NSC. - Other individuals listed held different prominent positions (Monteck Singh Ahluwalia - Planning Commission; Raghuram Rajan - RBI; V. K. R. V. Rao - eminent economist, not associated with NSC formation or chairmanship).