The Chancellor Philip Hammond said the new NIC will be at the "very heart" of Government plans to develop Britain's infrastructure.
It will help plan, prioritise and ensure efficient investment as well as being given its own budget, freedom and autonomy.
The commission is set to come into force in January 2017 and Sir John Armitt has been selected to become interim Deputy Chair of the NIC.
The Chancellor is now 'kick-starting' discussions and a call for ideas has been launched to inform the Commission's next in-depth study, following successful reports which identified the benefits of Crossrail 2, transforming Northern connectivity and smart power. The next study will be announced later this year.
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Chancellor Hammond said: "We are determined to build a bigger, better, Greater Britain – a country that works for everyone.
"Today I have set out how we are putting the National Infrastructure Commission at the very heart of our plans to ensure Britain's infrastructure is fit for the future.
"It will independently define our long-term infrastructure needs and help prioritise, plan and ensure value for money as this investment creates a modern Britain - fit to take on the world."
Lord Adonis, Interim Chair of the NIC, added: "The National Infrastructure Commission was established to transform the way we plan and deliver major infrastructure projects in this country through expert analysis, long-term thinking and strategic advice.
"Today's announcement is a big step towards providing the commission with the independence it needs to do the work. Now it is vital that we get the details right to ensure that the NIC has everything it needs to get on with the job."
(LM/MH)
