You should learn more about socialism. I find Americans tend to brand any idea that is different from their own version of capitalism as socialism. Sanders, Obama and even Clinton are socialists, according to the Republicans.
In a regulated free market economy, there will always be some who are wealthy, even very wealthy. But the kind of obscene wealth we see in the US, and other countries who aspire to be like the US (read India) can only be achieved through some very unfair corporate and tax laws that allow the rich to get richer and make the poor poorer. We have seen the trends in the US over the last 50 years. And if India is not careful, you will find yourself moving in the same direction.
This is good and commendable, but can be achieved in a more equitable and fair manner without the creation of an untra rich class like the Premjis and Ambanis.