Dibya Ranjan Swain, SOA National Institute of Law
ABSTRACT
This paper aims to study the scope of the word “socialist” provided in the preamble of the Indian Constitution. Socialism in India is a grey area and it has been interpreted many a time to get a clear understanding of it. This paper focuses on various parliament debates, Judicial observations and judgments, and majorly on financial institutions and financial schemes as financial institutions are the backbone of any economy and its brief study will help in getting a clearer picture of the word “Socialist”. This study also aims to provide the changing scenario of the economic model and approach in order to compare which approach is more adaptive for India and its efficient development.
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