The following booklet titled “Milestones and Millstones of Planning” was published on January 5, 1963, and was authored by M.A. Sreenivasan. One of the major crises that India faced Post-Independence was that of Foreign Exchange. Its linkages with varying sectors had a devastating impact on the significant economic activities. In this booklet, the author annotates the implications of the crises around the neck of India’s industry. A case in point explained here is the plight of the cable factories. These production houses could not meet the soaring demand for electrical cables and wires due to the trade restrictions on the import of aluminium, a vital raw material for electricity production. In light of this predicament, the author highlights the potential adverse impact on production costs, exports, the railway industry, telegraphs, telephones, and many other things. Further, he also mentions the increasing burden of railway transport and the lamentable deterioration of Postal and communications services leading to sinking economic activities. Through these examples, the millstone he describes goes round in a vicious circle – no export, no foreign exchange, no raw material, added cost, no export, and so on. Hence to counter this entrenched issue, the author proposes re-examining of the Third Five-Year Plan in the following manner- Revising priorities, Reducing dependence on foreign loans, Concentrating on the infrastructure of economic progress, Reducing inflation, and finally, halting the excessive concentration of power at the hands of the State.