Addressing an impressive gathering at Parliament Street here, Kejriwal said the new party was the result of the struggle against corruption.
"We have named this party Aam Admi Party. Hope you support it," he told the people who kept waving the tricolour and shouting 'Bharat Mata Ki Jai'.
Before the official launch of the party, Kejriwal and some of his supporters visited Rajghat and then B R Ambedkar Memorial in Civil Lines.
He chose November 26 for the launch as it was on this day in 1949 when the country's Constitution was adopted.
At the function, Kejriwal and others also paid rich tributes to those NSG commandos who fought valiantly against terrorists in Mumbai on the same day four years ago.
A former NSG commando Surinder Singh, who came out in open alleging that he was not given pension, was honoured by Admiral (Retd) L Ramdas.
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"Now it will be neta (politician) versus aam admi (common man). The common man, suffering for the last 65 years, is going to establish own party and sit in Parliament," Kejriwal told reporters.
Asked about his experience in politics, he said, "Indeed I don't have experience of corruption and crime record like they (politicians) have and I don't even wish to have such experiences."
He said inflation is due to rising corruption and if graft can be controlled, then a lot can be done to control price rise. MORE