(a) Capitalist system - This is a system dependent on market forces. Goods are produced based on demand and can be obtained only by those who have purchasing power.
Socialist system - Goods and services are provided by the government based on the needs of the society and not on who can purchase them. There is strictly no private property and everything is owned by the state.
(b) India follows a mixed economy.
The market will produce what it can, and market forces will be in play.
But the government will provide what the market fails to do, and to those who cannot afford it.
