The Third Five-Year Plan was an economic initiative launched in India in 1961, aimed at promoting rapid industrialization and agricultural development. It focused on increasing production in key sectors, such as steel, cement, and electricity, to boost the overall economy and improve living standards. The plan faced several challenges, including a severe drought and political instability, which hindered its progress. Despite these obstacles, it laid the groundwork for future economic policies and emphasized the importance of self-reliance and planning in achieving national development goals.