UPSC Polity Question
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.
Correct Answer:
C. It holds faith in a 'mixed economy' where both public and private sectors co-exist side by side.
Explanation:
Indian 'Democratic Socialism' is not the same as 'Communistic Socialism' (which involves nationalization of all production). Instead, it is characterized by a 'mixed economy' model. This model allows both the public and private sectors to co-exist, with the aim of ending poverty, ignorance, and inequality of opportunity, blending Marxist and Gandhian ideals.