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A nine-judge Bench ruled that not all private property can be acquired by the government for the "common good."
The Court dismissed the idea of broad state control over private resources, which was based on an old economic theory.
The interpretation that private property could be treated as a community resource was introduced in 1977 by Justice V.R. Krishna Iyer in a dissenting opinion.
This view influenced later judgments in 1982 and 1997, leading to the need for a nine-judge Bench decision.
Chief Justice D.Y. Chandrachud, emphasized that India’s economy has evolved from socialism to market-driven reforms.
The idea of one rigid economic doctrine no longer reflects India’s diverse and dynamic economic policies.
The Court highlighted that India’s voters have rejected a single economic ideology, supporting a mix of public and private investments.
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