'We have identified key strategy challenge' ; Montek Singh Ahluwalia, apart from being the only Deputy Chairperson of the Commission to have two consecutive terms, has done stints at the finance ministry and the International Monetary Fund. But will he manage to reinvent planning? Edited excerpts from an interview with Puja Mehra.

Montek Singh Ahluwalia, apart from being the only DeputyChairperson of the Commission to have two consecutive terms, hasdone stints at the finance ministry and the International MonetaryFund. But will he manage to reinvent planning? Edited excerpts froman interview with Puja Mehra.

What is planning's role today?

The old view of planning was about setting detailed targets, suchas how many cars and scooters must an economy produce, so that itcan decide how many components for these products need to beimported. Such planning is not needed in a market economy whereindustrial economic agents, including PSUs, take decisions oncommercial lines. If the item is …