There have been several missing links in the recent debate on the future of the Planning and Finance Commissions. First, it is not clear whether the debate was more about the future of planning or about the future of the Planning Commission. How do the proposals for institutional reform fix the problems relating to the process of planning and implementation? Second, there are emerging new realities of economic management that the new institution has to grasp and address, requiring new skills and, perhaps, a new set of instruments.