The ultimate goal of the government or the constitution was to lead its people to prosperity, happiness, live in a peaceful and stable condition. You've got thousand of ways to get to one same goal my friend. And everyone should have their own way, don't be fooled by the term "democracy" and stuck in a "democracy trap".
Furthermore, let's have a look, capitalism was introduced to humankind centuries ago, it could be considered old already.
And yet, everything on this Earth are subjected to change, constantly changing. People lived in the Middle Ages might think: feudalism is superior, so did the people lived in the Dark Ages.
From my point of view, Indian planners appear to have a wrong approach. Small country like S.Korea, Taiwan, Singapore could concentrate on their strong point, competitive edge (consumer electronics, high-tech manufacturing, trading, finance...) to make a break through. India, a country which is supposed to be a wanabe power seem to choose the same way, only concentrate on some particular areas, i.e IT technology.
Just look at it, you're creating one heaven and a hell right in the middle of Mumbai.