Q. Indian brand of socialism is called as ‘Democratic Socialism’. Which one of the following options best describe ‘democratic socialism’ of India?

[A] It involves nationalization of all means of production and distribution and abolition of private properties.

[B] It follows the ideals of market economy and pursues the path of globalization towards economic integration of domestic markets.

[C] It holds faith in a ‘mixed economy’ where both public and private sectors co-exist side by side

[D] It tends to lean heavily towards public sector to create economic equality within the capitalist setup.

Answer: C
Notes:

Exp) Option c is the correct answer. Option c is correct. Democratic socialism holds faith in a ‘mixed economy’ where both public and private sectors coexist side by side. As the Supreme Court says, ‘Democratic socialism aims to end poverty, ignorance, disease and inequality of opportunity. Indian socialism is a blend of Marxism and Gandhism, leaning heavily towards Gandhian socialism’.

Important Tips

  • Communistic socialism (also known as ‘state socialism’) which involves the nationalisation of all means of production and distribution and the abolition of private property.
  • Capitalist Democracy follows the ideals of market economy and pursues the path of globalization towards economic integration of domestic markets.
  • Socialist economies tend to lean heavily towards public sector to create economic equality within the capitalist setup.
Blog
Academy
Community