Vol. 10, Issue 3, Part C (2024)

Abstract
This study explores the influence of socialist ideology on Indian economic policies and initiatives, examining its historical roots, implementation, and evolution over time. Socialist principles, introduced post-independence, emphasized state-led industrialization, central planning, and social welfare to address inequality and promote self-reliance. Through a critical analysis of literature and trends, the study identifies the successes of socialist policies in areas such as infrastructure development, education, and public welfare, while highlighting their inefficiencies, including bureaucratic hurdles and limited economic equity. The transition to economic liberalization in the 1990s marked a pivotal shift, blending market-driven reforms with remnants of socialist frameworks. This research underscores the continued relevance of socialist principles in addressing modern challenges of equity and sustainability, advocating for a balanced policy approach that integrates past lessons with future needs.