Question

Choose the correct option after reading the statements below:

Statement 1: Socialism is a social and economic doctrine that calls for public rather than private ownership or control of property and natural resources.

Statement 2: To reduce socio-economic inequalities in the society, the Government of India exerts total control over property and economic production.

• A. Statement 1 is true, Statement 2 is false.
• B. Statement 1 is false, Statement 2 is true.
• C. Both statements are true.
• D. Both statements are false.

Answer 1

The correct option is A Statement 1 is true, Statement 2 is false.

According to the doctrine of socialism, wealth is generated socially and should be shared equally by society. To reduce socio-economic inequalities in the society, the Government of India regulates the ownership of land and industry. It does not have total control of production. The government in socialist nations tries to prevent accumulation of wealth in a few hands. It also tries to provide equal opportunities to all its citizens.