From 50 Years Ago : Just bigger or Better Too?

When the Third Plan first came to be dis-cussed, an investment of Rs 10,000 crores was regarded an impossibly high figure. The voice of prudence was raised against taking up too much and ending in disaster. There were other voices too, vaguely hinting at the other kind of disaster, of the inevitable conse-quences of the failure to maintain the tempo of development, once it had got started. There were sharp differences in the outlook of those who would keep investment strictly within the limits of available financial resources, and those who thought that resources were created in the very process of development. If the larger resources created by the Second Plan were not yet visible in financial terms, it was for the ‘hard finance’ group to locate them and channel them into further develop-ment. What was considered unattainable a year ago was in any event found feasible six months later when the Draft Outline in last July set the target of total outlay at Rs 11,250 crores. It has since been raised a little higher to Rs 11,500 crores. Despite resistance from the Finance Ministry, the pressure to push through development to a level, where fur-ther growth would be assured, may mount presently to such a pitch that the ‘physical outlay’ of Rs 12,000 crores now accepted by the National Development Council should not lack financial resources for its implementa-tion. This is, indeed, an achievement for those who had fought consistently for a bigger Plan. But is balanced growth as between various regions and different socialgroups also equally assured?