INSIGHT UPSC QUIZ

GS Polity Miscellaneous
Q.

With reference to Indian Polity, the term 'Democratic Socialism' pertains to which of the following?

1. Economic system in which both public and private sectors co-exist side by side. 

2. Nationalization of all means of production and distribution and the abolition of private property.

3. Economic system where all factors of production and distribution are left to the market forces. 

Choose the correct answer by using the codes given below:

Explanation:

ANSWER: (A)

  • The 42nd Amendment changed the description of India from a "sovereign democratic republic" to a "sovereign, socialist, secular democratic republic", and also changed the words "unity of the nation" to "unity and integrity of the nation". In other words, the term ‘Socialist’ was added to the Preamble of India by 42nd Amendment. 
  • Indian brand of socialism is a 'democratic socialism' and not a 'communistic socialism' (also known as 'state socialism') which involves the nationalisation of all means of production and distribution and the abolition of private property.
  • Democratic socialism, on the other hand, holds faith in a 'mixed economy' where both public and private sectors co-exist side by side". Indian socialism is a blend of Marxism and Gandhism, leaning heavily towards Gandhian socialism. 
  • The new economic policy (1991) of liberalisation, privatisation and globalisation has, however, diluted the socialist credentials of the Indian State.

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