The constitution of India states the following:
We, The People of India, having solemnly resolved to constitute India into a Sovereign Socialist Secular Democratic Republic and to secure to all its citizens:
Justice: social, economic and political;
Liberty: of thought, expression, belief, faith, and worship;
Equality: of status and of opportunity; and to promote among them all
Fraternity: assuring the dignity of the individual and the unity and integrity of the Nation;
Despite being a "socialist" state, India has a lot of private sector industries not owned by the people, which are somehow operated and owned only by a select few who are a part of the company.
The word "socialist" was added after the 42nd amendment of the Indian constitution. Also, it says that the people of India would be given equality of status and opportunity but there still exists a system of Scheduled Castes, Scheduled Tribes, and Other backward classes.
Why does the preamble of the constitution of India state that India is a “Sovereign Socialist Secular Democratic Republic”?