UPSC Polity Question
Which one of the following statements correctly describes the term 'socialism' with Indian characteristics?
A. It involves the nationalization of all key industries.
B. It means complete state ownership of material resources of the nation.
C. It is a 'state socialism' where the government plays major role.
D. It provides for individual freedom with centralized-social control of the economy.
Correct Answer:
D. It provides for individual freedom with centralized-social control of the economy.
Explanation:
Indian socialism is 'democratic socialism', not 'state socialism'. It is a blend of Marxism and Gandhism, holding faith in a 'mixed economy'. It allows for individual freedom and private sectors to co-exist with social control and public planning of the economy, aiming to reduce poverty and inequality.