The Forum of Free Enterprise was a non-political organization founded in 1956 by A. D. Shroff and was established to educate public opinion in India on free enterprise and a democratic way of life. The Forum published booklets to further its objects. The following booklet titled, “Defence and Development With Stability” was published on January 12, 1965 and was authored by the founder A. D. Shroff himself. In this booklet, the author discusses the goal of rapid and large-scale economic development brought by the First industrial Policy Resolution of 1948 and how a new dimension was added to this with communist Chinese aggression of India in 1962 with the addition of the dimension of the stability in 1964. The author then discusses the economic scene of 1964 which was the persistent rise in prices. Further the text covers how the economy of the country had been dominated by the Five Year Plans since 1951. The text also discusses the characteristics of Soviet model of planning which was called the “physical planning” and then talks about several reports such as, a report submitted to Parliament by the Comptroller and Auditor General of India, the Audit (Commercial) Report For 1964, and the West Bengal Audit Report for 1963. In the end, the author encourages realistic planning based on the inexorable economics laws of the market as it leads to economic prosperity and is socially just.