The main elements of socialism are as follows:
1. Income tax must be imposed on the income of wealthy persons, and the amount received from tax imposed must be used for helping the poor.
2. Accumulation of black money must be stopped at any cost.
3. There must be full authority of a farmer who ploughs the field to keep the ownership of the field.
4. Banks and industries must be nationalised and the state must have possesion or full control over its economy.
5. The state must regulate the private industries. And their regulation must be for the benefit of social sectors.
6. There must be eradication of economic inequality as soon as possible.
7. All must get employment according to their capability and academic records. Appropriate wages and the holiday arrangement must be kept in mind while giving the opportunity to work.
8. Maximum welfare services should be introduced by the state so that people can enjoy happy living.
9. Planning commission must be set up for economic development of a nation/state.
