The correct answer is Third Five Year Plan. Explanation & Key Takeaways: • The Third Five-year Plan is also known as Gadgil Yojana. • The main focus of Gadgil Yojana is on agriculture, as well as enhancing the production of wheat. • The focus was on agriculture and improvement in the production of wheat. • This indicated a miserable failure of the Third Plan, and the government had to declare "Plan Holidays" (1966-67, 1967-68, and 1968-69). • The target growth rate was 5.6% and the actual growth rate only achieved 2.4% • But due to the India-Sino war in the year 1962, the flow of the economy decreased and shifted the spotlight on the Defense industry. On May 31 and June 1, 1961, the third plan was approved by the National Development Council. • In this period, the economy of India also increase and became independent as well as self-generating. • This scheme was launched to offer wide-ranging designs of expansion for the country's various portions like natural resources, industrial advances, and agricultural changes in the social structure. • This scheme is an incorporated scheme of regional and national development. Clarification: • The third five-year plan is also known as Gadgil Yojana. • You must have confused it with Gadgil Formula. • In the Fourth Five-year plan the Gadgil Formula for determining the allocation of the central level is mentioned. Related Concepts: +-----------------------+-----------+-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------+ | Plan | Year | Objective | +-----------------------+-----------+-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------+ | First Five Year Plan | 1951-1956 | Focus on agriculture, price stability, and infrastructure. It was based on the Harrod Domer model (growth rate of the economy depends upon investment rate and productivity of capital positively). | | Second Five Year Plan | 1956-1961 | It was rapid industrialization. It was also known as Mahalanobis Plan (advocated planning shift from agriculture to industries). It was laid to emphasize heavy and basic industries. It advocated import substitution; export pessimism and overvalue exchanges. | | Fourth Five Year Plan | 1969-1974 | It was for self-sufficiency in food and self-reliance. It was to improve domestic food production. The first oil shock of 1973, made remittances a major source of foreign exchange reserve. | +-----------------------+-----------+-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------+