Socialist and communist economics represent two distinct economic ideologies, each with its approach to ownership, distribution of resources, and control over the means of production. Here are the key characteristics of both:

Socialist Economics:

1. Government Intervention: In socialist economics, there is a belief in the need for government intervention in the economy to achieve certain social and economic goals. This can include measures like central planning, regulation, and public ownership of key industries.
2. Public Ownership: Socialism advocates for a significant portion of economic resources to be under government control. This can take the form of state-owned enterprises, where the government owns and operates key industries like utilities, transportation, and healthcare.
3. Reduction of Inequality: One of the primary goals of socialism is to minimize economic inequality. By having a substantial portion of resources in public hands, advocates believe that wealth and resources can be more equitably distributed among the population.
4. Worker's Rights: Socialist economics often emphasize the importance of worker's rights and collective bargaining power. This includes policies like minimum wages, workplace safety regulations, and protections against unfair labour practices.
5. Mixed Economy: Some socialist systems, like Nehruvian socialism, advocate for a mixed economy where both private and public sectors coexist. In this model, certain strategic industries are owned and operated by the state, while others are left to private enterprise.

Communist Economics:

1. Complete Government Ownership: Communism represents the most extreme form of collectivism, advocating for complete government ownership of all economic resources. Private property is abolished, and all means of production are controlled by the state.
2. Classless Society: Communism aims to create a classless society where everyone has equal access to resources and there is no distinction between social or economic classes. This is often pursued through the elimination of private property and wealth.
3. Central Planning: In a communist system, economic planning is typically centralized and directed by the state. This involves detailed, long-term planning of production, distribution, and consumption to meet the needs of the population.
4. Abolition of Currency: In some communist models, the concept of currency and monetary exchange is abolished in favour of a system of communal ownership and resource allocation based on need.
5. Historical Examples: The Soviet Union under Lenin and Stalin, as well as China under Mao Zedong, are examples of countries that attempted to implement communist economic systems. However, it's important to note that the practical application of communism has varied widely across different contexts.

Both socialist and communist economics seek to address issues of inequality and promote collective welfare, but they differ in their degree of government control, ownership, and the mechanisms they employ to achieve their goals.

Nehruvian Economics:

Nehruvian economics is an economic ideology and policy framework that was championed by India's first Prime Minister, Jawaharlal Nehru. It was a subset of socialist economics and played a significant role in shaping India's economic policies in the years following independence in 1947. Here are some key features of Nehruvian economics:

1. State Ownership: Nehruvian economics emphasized the role of the state in owning and controlling key sectors of the economy. This included infrastructure, heavy industries, higher education, and other strategic areas.
2. Centralized Planning: Centralized socio-economic planning was a cornerstone of Nehruvian economics. The government played a proactive role in planning and directing the allocation of resources to achieve specific socio-economic objectives.
3. Equitable Growth: The primary goal of Nehruvian economics was to achieve equitable growth and reduce socio-economic disparities. State intervention and ownership were seen as tools to ensure that the benefits of economic development were spread across different sections of society.
4. Inspired by the Soviet Model: The economic approach was influenced by the success of the Soviet Union in achieving rapid industrialization and economic development through centralized planning and state ownership. India looked to replicate some aspects of this model.
5. Values of Welfare State: Nehru personally believed in the principles of a welfare state, where the government takes an active role in promoting the well-being of its citizens. This included providing essential services like education, healthcare, and social security.
6. Emphasis on Self-Reliance: Given the historical context of India's struggle for independence and the desire to break free from colonial economic structures, self-reliance in economic growth was a key principle. The aim was to reduce dependence on foreign powers.
7. Limited Private Sector: At the time of India's independence, the private sector was relatively underdeveloped. As a result, the government took on a prominent role in driving economic development and industrialization.
8. Mixed Economy: Nehruvian economics envisioned a mixed economy where both the public and private sectors coexisted. While the state played a dominant role in key sectors, there was space for private enterprise in other areas.

Nehruvian economics played a significant role in shaping India's economic policies in the early decades after independence. It laid the foundation for the development of key industries, educational institutions, and infrastructure projects. However, over time, there was a shift towards more market-oriented policies, particularly in the 1990s with the introduction of economic reforms.

Gandhian Economics:

Gandhian economics refers to the economic principles and ideas advocated by Mahatma Gandhi, the prominent leader of the Indian independence movement. Gandhi's economic philosophy was deeply rooted in principles of simplicity, self-reliance, decentralization, and social justice. Here are the key features of Gandhian economics:

1. Decentralization and Local Production: Gandhi emphasized the importance of small-scale, locally-oriented production. He believed that communities should be self-sufficient to the extent possible, using local resources to meet local needs. This approach aimed to reduce dependence on external resources and markets.
2. Sarvodaya (Welfare of All): Gandhian economics was driven by the principle of Sarvodaya, which means the welfare of all. It stood in contrast to systems that allowed the enrichment of a few at the expense of the majority. The focus was on equitable distribution of resources and benefits.
3. The dignity of Labour: Gandhi emphasized the dignity of all forms of labour, regardless of how menial or manual they may be perceived. He believed that no work should be considered beneath a person's dignity and that all work had inherent value.
4. Bread Labour: Gandhi advocated for the concept of "bread labour," which means earning one's livelihood through one's manual labour. He believed that this practice promoted self-sufficiency and self-respect.
5. Trusteeship: This concept introduced by Gandhi emphasized that individuals or groups who accumulate wealth and resources should consider themselves as trustees of that wealth on behalf of society. Surplus wealth beyond what is necessary for basic needs should be utilized for the welfare of the less privileged.
6. Opposition to Labor-Displacing Technology: While Gandhi did not oppose technology outright, he was against the adoption of technologies that led to the displacement of labour without providing alternative employment opportunities.
7. Critique of Consumerism: Gandhi was critical of the culture of excessive consumption and advocated for a simpler way of life with minimum wants. He believed that this approach would lead to a more sustainable and balanced society.
8. Anti-Materialism: Gandhi questioned the prevailing materialistic approach to life and economics. He believed that true wealth was not measured in material possessions but in spiritual and moral well-being.
9. Emphasis on Self-Reliance: Gandhian economics promoted self-reliance, encouraging individuals and communities to meet their needs from local resources and through their efforts.
10. Nonviolent Economic Activism: Gandhi believed in using nonviolent means to address economic and social issues. He advocated for economic boycotts, non-cooperation, and other forms of peaceful resistance.

Gandhian economics represented a unique blend of economic principles with moral and ethical considerations. It provided an alternative vision for economic development that prioritized human well-being, social justice, and sustainability over the blind pursuit of material wealth.