The following booklet titled “Bogey of Socialism Hinders Rapid Economic Growth” was published on July 8, 1962. The article mentions the widespread atmosphere of scepticism before the second year of the third Five year plan. The author attributes this uncertainty to the Government’s failure to meet its laid down targets. He precisely brings to attention the center’s fiasco in the case of the Bokaro steel plant and highlights it by comparing it with private enterprises’ success in the steel industry. Concerning this, he asserts that private players must be given more responsibility as they can finance their operations from domestic and foreign sources. Further, the author states that the Government must take responsibility for its failure and modify the Industry Policy Resolution of 1948 in light of its incompetence. To elaborate on the situation, the author mentions that the case of other industries is similar to the steel industry, and the Government’s failure to fulfill its target in all the sectors will be harmful to future national planning. He asserts that large-scale participation by the private sector in developing major industries is becoming a very urgent necessity, without which we cannot hope for economic growth. In addition to this, he also elaborates on the counter productiveness of the planned economy in India.