GK Question

Answer: Mixed economy with state regulation, welfare measures, and private enterprise

Socialist commitment in Preamble: (a) Democratic socialism: Not Marxist socialism (state ownership of all production) but democratic socialism with: (i) Mixed economy: Public and private sectors coexist, (ii) State regulation: Prevent exploitation, ensure fair competition, protect consumers, workers, (iii) Welfare measures: Social security, public health, education, poverty alleviation, (b) Constitutional operationalization: (i) Directive Principles (Articles 38-48): Guide state policy towards socialistic pattern of society, (ii) Fundamental Duties (Article 51A): Remind citizens of responsibilities towards collective welfare, (iii) Fundamental Rights: Balance individual liberty with social justice, (c) Applications: (i) Economic reforms (1991): Liberalization within democratic socialist framework - market mechanisms with social safeguards, (ii) Welfare schemes: MGNREGA, NFSA, Ayushman Bharat operationalize socialist commitment through inclusive development, (iii) Regulatory framework: SEBI, RBI, CCI regulate markets to prevent exploitation, ensure fair competition, (d) Contrast with other models: (i) Marxist socialism: Complete state ownership - not India's model, (ii) Free market capitalism: Minimal state role - not India's model, (iii) Theocratic economics: Religious principles guide economy - not India's secular model, (e) Illustrates adaptive socialism: Preamble's socialist commitment operationalized through evolving economic policies; balance between market efficiency and social justice essential to Indian democratic socialism.