Kumar will replace incumbent Arvind Panagariya who is leaving the Aayog on August 31.
"My driving vision is Shreshtha Bharat, Tarakki Karta Hindustan and a Globally Excelling India. NITI Aayog will give impetus to this," Kumar said in a tweet.
He was named the new vice chairman of the government think-tank on Saturday after Panagariya announced that he would quit to return to the academia. Panagariya, an Indian- American, had joined the Niti Aayog in January 2015.
Kumar, who holds a DPhil in economics from Oxford and a PhD from Lucknow University, is a senior fellow at the Centre for Policy Research (CPR).
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