One of the Five Year Plans, also known as 'Gadgil Yojana" was aimed to secure an increase in National Income of over per annum and to design the pattern of investment to sustain this rate of growth during subsequent plan periods. The plan in question is
The plan period of the Third Five Year Plan was 1961-65.
The plan specifically incorporated the development of agriculture as one of the main objectives of Planning in India.
The plan has the following aims:
To assure an increase in national income of over 5% per year, the pattern of investment is so designed as to sustain this rate of growth during subsequent plan periods.
To achieve self-sufficiency in food grains.
To expand basic industries like steel, chemicals, fuel, and power and establish machine-building capacity so as to meet the requirements of further industrialisation within a period of ten years.
To establish progressively greater equality of opportunity and bring about a reduction in disparities in income and wealth and a more even distribution of economic power.
Enough of misfortunes awaited this plan- two wars, one with China in 1962 and the other with Pakistan in 1965 and a severe drought led famine in 1965-66 had to be faced.
Due to heavy drain and diversion of funds, this plan utterly failed to meet the targets which followed the three consecutive annual plans.