This paper attempts to answer three questions: (1) Is the Eighth Plan target of 8.2% rate of growth likely to be attained? (2) Is the target of 9-10% rate of growth of industrial production that is likely to be set in the IXth and Xth plans realistic? (3) How are the social objectives of industrial policy, namely promotion of small industry, reduction in regional imbalances, and prevention of concentration of economic power: likely to fare in the short and long periods? The answers to these questions in the above order are: (1) The Eighth Plan target of 8.2% is unattainable: 7% seems a more realistic target. (2) The Ninth and Tenth Plan targets of 9-10% seem attainable. (3) The prospects of progress on social objectives in the near future are not quite good: but seem to be bright in the period beyond the Eighth Plan.