Abstract
In April 1961, India embarked on her third five-year plan. Whereas the two previous five-year plans were concerned with preparing the foundations for economic growth, the third plan is designed to achieve an acceleration in the country's economic progress. According to the Indian Planning Commission: The period of the Third Plan represents the first stage of a decade or more of intensive development leading to a self-reliant and selfgenerating economy.1 The influence of Rostow's theory of economic development upon the Indian planners is quite strong.2 They look upon the Indian economy as proceeding from one stage of development to another. Having completed the foundations necessary for achieving economic growth, the country is now preparing, by means of the third plan, to start its take-off into selfsustained growth. The success of the third five-year plan has thus been made a most crucial factor in India's attempt to achieve a rapid growth which would increase the economic well-being of her expanding population. In specific terms, the task of the third plan is to expand economic activity so that real national income will rise from Rs. 145 billion ($30.5 billion) in 1960/61 to about Rs. 190 billion ($39.9 billion) in 1965/66.3 The magnitude of this task in comparison with the actual performance of the two previous plans is indicated in Table 1.
Published Version
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