2024, Vol. 6, Issue 8, Part B

Author(s): Samriti Sharma and Kanav Gupta

Abstract: This study explores the impact of socialist ideology on India's economic policies and reforms, examining the role of socialism in shaping the country's economic framework post-independence. It highlights how socialist principles, particularly in areas such as state control of industries, land reforms, and welfare programs, played a significant role in addressing socio-economic disparities and promoting equitable development. The study critically analyses the historical context in which these policies were implemented, emphasizing their achievements in poverty alleviation, industrialization, and social justice. However, the study also addresses the inefficiencies and structural constraints inherent in a heavily state-controlled economic model, which eventually led to the need for market liberalization in the 1990s. The shift towards a mixed economic model that integrates socialist welfare programs with market-driven reforms is discussed, showcasing the ongoing influence of socialist principles in contemporary Indian policies. The findings suggest that while market reforms have driven higher economic growth and efficiency, the core values of socialism remain vital in shaping India’s welfare landscape, particularly in education, labor rights, and poverty alleviation. This study contributes to the understanding of the dynamic relationship between socialist ideology and economic reforms in India, offering insights into how these ideologies continue to influence the nation's developmental path.

Pages: 105-109 | Views: 101 | Downloads: 21

Download Full Article: Click Here