• The Third 5 year Plan focused on agriculture & enhancement in the production of wheat, but the succinct Sino - Indian War in the year 1962 exposed flaws in the economy & shifted the spotlight towards the Defence industry.
• On May 31 & June 1, 1961, the National Development Council considered the Draft Report on the Third Plan and generally approved it.
Definition of Third Five Year Plan
The Third 5 Year Plan symbolizes the 1st phase in a system of enduring expansion extending over next 15 years or so. In the course of this period, India's economy must not only enlarge swiftly but must, in unison, become independent and self - generating. This' long-standing approach is projected to offer a wide-ranging design of expansion for the country's natural resources, industrial advance and agricultural changes in the social structure & an incorporated scheme of regional & national development.
The Third 5 Year Plan intended to give a more specific content to the social objectives of Constitution & symbolizes a large progress towards their realization. It takes report of the victories and failures in the 1st two Plans & sets the tasks to be accomplished in the viewpoint of expansion over the next 15 years & more.
The work on the groundwork of the 3rd Five year Plan started towards the end of the year 1958 & was carried out in 3 major stages. The early stage leading to the publication of Draft Outline early in July, 1960, integrated thorough studies by functioning groups set up at the Centre & in the States. The Parliament gave its general consent to the Draft Outline in August 1960. Finally, on May 31 & June 1, 1961, the National Development Council considered the Draft Report on the Third Plan and generally approved it.
• Many primary schools were established in rural areas.
• In an endeavor to fetch democracy to the grass - root level, Panchayat elections were initiated & the states were given more expansion responsibilities.
• State electricity boards & state secondary education boards were formed.
• States were made accountable for secondary & higher education.
Approach to the 3rd five year plan
• To secure a boost in national income of over 5 % per annum, the prototype of investment being intended also to uphold this rate of enlargement during subsequent Plans
• To accomplish self-support in food grains & enhance agricultural production to convene the requirements of exports and industry
• To enlarge basic industries like chemicals industries, steel, power and fuel and institute machine building capability, so that the requirements of supplementary industrialization can be met within a period of 10 years or so largely from the country's own resources
• To utilize to the fullest probable extent the manpower resources & to guarantee a considerable expansion in services opportunities
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