Explanation:

 The word socialist in the Preamble imply the following principles,
Social equality, in this context means the absence of discrimination on the grounds only of caste, color, creed, sex, religion, language. Under social equality everyone has equal status and opportunity.
Economic equality, in this context means the state will endeavor to make the distribution of wealth more equitable and provide a descent standard of living for all. This in effect emphasizes the commitment towards the formation of welfare state.
Do you know?
•Following are the values enshrined in the Preamble viz. Justice, liberty, equality and fraternity.
THINK!
•The relevance of the values enshrined in the Preamble in the present context of Indian society.