The word socialist means social and economic equality. Social equality means that everyone has equal status and opportunities. Social equality in this context means the absence of discrimination on the grounds only of caste, color, creed, sex, religion, or language. Economic equality means that the government will try to make the distribution of wealth more equal and provide a decent standard of living for all. To attain this, India has adopted a mixed economy and the government has made many laws to achieve the aim. This was done to ensure the welfare of the state.
The word socialist was added to the Preamble by the 42nd amendment act of 1976, during The Emergency in India.