The Communist Party Of India was a supporter of which model of the economy?

Socialist

After India's independence, numerous individuals in India were greatly influenced by the Soviet model of development, which embraced a socialist approach. This included leaders from the Communist Party of India, the Socialist Party, and influential figures like Nehru within the Congress party.  Consequently, a consensus emerged during the national movement, with the following key points:
Nationalist leaders recognized that the economic objectives of an independent Indian government should diverge from the narrow commercial functions of the colonial government.
It was widely acknowledged that the responsibility for poverty alleviation and social and economic redistribution primarily rested on the government's shoulders.