Industrial Growth in Third Five Year Plan

Both second and third plan emphasized on the development of heavy industries in the country but the third plan was the beginning of perspective planning in India. [Perspective planning refers to long-term planning in which long range targets are set in advance for a period of 15, 20, or 25 years; and five year plans are implemented as installments of that perspective plan.]

Further, this plan was aimed at “Integrated Growth of Industry and Agriculture”. Further, out of Rs. 3000 Crore industry outlay, Rs. 1700 Crore was for public sector while Rs. 1300 crore was set for private sector. The basic idea was to make Indian economy self sustaining in producer goods industries so that external dependence can be minimized. This plan should also be noted for highest average industrial growth (9%) achieved in all five year plans so far.