By the onset of the Third Plan which lasted from the period 1960-61 till 1965-66, Indian policymakers and economists believed that our economy had reached the onset of the development stage and that the preceding two programs had created the institutional framework required for fast economic expansion. As a result, the third Indian economic planning defined the objective of creating a self-sufficient economy as its target.

In April 1961, the third five-year economic development plan was announced. This strategy attempted to advance the development endeavour that began a decade ago. The third five-year plan was the beginning stage of a good growth strategy that expanded around 15 years. Throughout this period, India’s economy not only quickly developed but also became self-generating and self-sufficient. This time-honoured strategy was supposed to create a comprehensive strategy for the nation’s inherent resources, industrial advancement, and agricultural improvements in the societal framework, as well as a unified national and regional development programme.

Objectives 

The primary goals of the 3rd five-year plan were as follows:

• Guarantee an upsurge in the domestic income of more than 5% per year while also ensuring a trend of investment that could maintain this growth rate in the successive Indian economic planning periods; 
• Attain efficient food grain production and enhance agricultural productivity to fulfil industrial and export demands
• Expand core industries such as steel, gasoline, chemicals and electricity, as well as construct machine-building capability, such that the objectives for further industrialization may be satisfied within a decade or two, mostly using domestic resources;
• Utilize the nation’s human re­sources to their full potential and assure a significant increase in job possibilities;
• Create gradually better equality of opportunities, leading to a decrease in wealth and income discrepancies and a much more equitable allocation of economic and political power.

Assessment of the Third Five Year Plan

• Under the third five year plan, the government had a substantial budget deficit. As a result of increasing debt from the IMF, the third plan was implemented in 1966. International aid was suspended, and the currency was devalued as a result of global pressure.
• The rupee’s fall in 1966 had its economic implications.
• The projected growth rate of 5.6 per cent was established, and yet only 2.4 per cent was achieved. Due to the rupee’s depreciation and 36 per cent hyperinflation in the year 1966, almost all of the accomplishments became useless.
• As a consequence of an unfavourable situation, the request for a planned vacation was made by numerous businesses, and the Indian economic planning committee admitted that the initiative had failed.
• As a consequence, the government developed a scheduled break for the following 3 years, and thus the fourth plan was implemented in 1969.
• To prepare for the worst-case scenario, the government deployed all existing funds to boost agricultural production and build buffer stocks.
• As a consequence, the economic system had declined to the level where annual planning was now required, with three consecutive annual plans to achieve short-term objectives.
• There were also some positive results, though. From 1965 to 1966, India experienced the Green Revolution as well as modernised agriculture.
• Dams were already being constructed at breakneck speed. There were also multiple fertiliser and cement factories built. Punjab began producing plenty of wheat.
• Several primary school systems were set up in outlying places.
• Panchayat elections had been implemented to promote democracy at the grassroots stage, and governments were given significant development responsibilities.
• The state electricity committees and statewide secondary education committees were formed.
• Following the establishment of state road network transportation enterprises, local road development became a state obligation.
• A key agricultural goal was not just to provide enough food sources to achieve self-sufficiency; it was also vital to provide sufficient resources through non-food agricultural operations.
• As India’s industrialization advanced, so did its consumption of industrial input resources. 
• For the foreseeable future, India had to rely on its conventional exports of textiles such as cotton fabric, jute manufacturing, tea, and also minor agricultural items. As a result, it became critical for its jute as well as cotton industry sectors to be sufficiently provided with raw materials, as well as for its other agricultural export markets to be sustained.
• As a result, under the Third Plan, emphasis was placed on boosting the production of non-food agricultural goods by the Indian economic planning committee.

Conclusion

The third five year plan period represented the early phase of a decade of rigorous development that would lead to a self-sufficient and self-generating economic system. The groundwork for fast economic expansion had been set as a consequence of the achievements made in the first and second Plans.

The Third Plan, in specific, was aimed at bolstering the agricultural system, evolving the industrial sector, power, and transportation, and accelerating the procedure of technological and industrial transformation, achieving meaningful strides toward economic equality as well as the socialist structure of the community, and generating jobs for the whole labour force. Ultimately, a development strategy with these goals imposed far-reaching requirements on the country.