I suspect that you can definitely use planned economy tools down to a certain scale and then let the markets sort the rest.

At some level, Indian and Chinese economies have their development centrally planned, not just financially regulated, like in the West.

And with modern analytics it’s harder to make up the numbers like they did. Also cheaper to transmit and centralize the data, especially with some IOT type stuff. Doesn’t make it immune to human nature, but modern tech reduces the friction and increases the transparency.