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.