Which type of economic system does India follow?

Mixed economy

After the independence of India from Britishers, the question which came into everyone's mind was what type of economic system should India follow. Socialism had its own benefits and capitalism had its own. Thus, the leaders decided to take all the positive points from both of them and drop off the drawbacks, so that society has an overall development. India, therefore, adopted a mixed economic structure.
In socialism if all the rights of production and ownership of land holdings is given to the government then it might try to serve its own political interests and if all the power is given to private sector then who will work for the essential needs of poor, as private sector works only for profit motive. Thus, a blend of both capitalism and socialism was followed.