Briefly describe the achievements and status of the 3rd Five Year Plan
Achievements of the Plan:
The above-stated objectives and particulars show that the 3rd Five Year Plan had a lot of merits when we analyze its growth, its synopsis is as under:
- An increase of 9.5 % was expected in exports but only a 7 % increase could be possible.
- The pace of growth in agriculture remained lower than the expected pace the target fixed was 4.5 %.
- In the industrial sector, the target fixed was 13 % but only a 9 % increase could be made possible.
Feature of the plan:
The Third Five Years Plan could not succeed fully. In most of the factors, it could not reach its pre-fixed targets.
Reason of Failure:
The 3 Five Year Plan was surrounded/ enveloped by unfavorable circumstances from the very beginning.
Severe Drought:
A severe drought was experienced during the first two years. It affected crops badly.
Indo Pak War 1965:
Defense expenditures increase because of Indo-Pak War in 1965. It causes a reduction in the proceeding resources for development expenditure.
The decrease in foreign aid:
A decrease of 27 % was also noted in foreign aid. Agricultural output decreased too.
The rate of growth (%) in the Industrial and agricultural sector 1958-69
Year | Large Scale Industrial | Small Scale Industries | Agriculture |
1958-59 | 5.6 | 2.3 | 4.0 |
1960-61 | 20.3 | 2.9 | -0.2 |
1961-62 | 19.9 | 2.9 | 6.2 |
1962-63 | 15.7 | 2.9 | 5.2 |
1963-64 | 15.5 | 2.9 | 2.5 |
1964-65 | 13.0 | 2.9 | 5.2 |
1965-66 | 10.8 | 2.9 | 0.5 |
1966-67 | 67 | 29 | 55 |
1967-68 | 7.6 | 2.9 | 11.7 |
1968-69 | 10.6 | 2.9 | 4.5 |
Source: Economic Survey of Pakistan 1984-85
This table shows that during this period large-scale industries flourished while the rate of growth of small scales industries remained either stagnant or below the desired growth. The agriculture sector continued to suffer fluctuations continuously.