The following booklet titled “The Place Of Free Enterprise In A Backward Economy” authored by D.N. Hosali commences by drawing a comparison between the relevance attached to the Chamber of Commerce in previous decades against the prevailing scenario of utter disregard of the pronouncements of the Chamber during the formulation of policy by the State. This occurs in light of the recent trade of socialisation of the economy, where the interests of the private sectors have been made subordinate to the interests of the State. The likelihood of the imposition of a totalitarian regime by deluging the private sectors increases as the author believes the public is being ‘bamboozled’ by the mirage of socialism. While doctrines of welfare states and publication of Keynes’ ideas reinforced the highly qualified practices of capitalistic resource distribution with socialist norms of egalitarian growth, the abidance of a purely socialist system has been deemed unfeasible by practical examples of the Soviet Union whose idealistic notions have built a system of slavery. The application of socialism to a backward economy like that of India goes against the very Marxian principles of socialism and resulted in an ‘economic dictatorship’ according to the author. The author concludes by stating that the bureaucratic allocation of resources in a socialist format is a ‘huge mistake’ for a backward economy like India.