There is a complete set of left and right politics in India, and the nation is currently faced with left of center and right of center materialist/ capitalist policies. A look at fiscal conservatism will define things in a different perspective because the left leaning economists have ruled the economic policy narrative of Bharat for a long term now. Yet the mandarins in power today are pursuing a free market economic system which is not at all good for the society as a whole!
The advocates of growth and free market economy in the nation have failed to understand that how unimportant it is to work towards something that targets one particular economic class at a time. This is something done by the governments of the yester years and the governments of the day also have not a very clear idea of what their ideological confines should be to offer strong and foundational economic development. It is a flaw of the Indian politics that when it comes to application, the quality of leaders that we produce as a society today, are not well versed in the aspects that make things and nations change, or move in a different direction.
The first requisite of a right wing socialist idea is to look at the society as a whole. The people are not divided as per their economic relevance in the society but the whole construct of the people where which person serves what utility in a society. This stratification means how important a service a man does, and how much does that person need monetarily to be able to afford a life with basic materials and what kind of support as a state should be offered to each one of such persons.
We cannot expect the government to be pro-Capitalist in a right wing socialist economy. In a right-wing socialist economy things should be different in terms of taxation, which should be more direct and indirect taxation should be lowered. The business class must have certain discipline in their spending habits and the blind West perpetrated materialism should be put to a halt so that we create a closed circulation of money.
The money should be regulated through banks and the corruption should be weeded out by keeping the private wealth of individuals in check. The money of the people should not be put under a mad circulation process and in that process many people will loose many things, but that is how a new order is born. The right-wing socialist economy creates an order where the society, or its people create the forces that regulate the way money is spent and the public coffers are utilised.
Hence a free market conservative economy that spends less and saves more. The modern economic system will need more warfare and dirty politics that will divide the people and social solidarity which should decide the best norms for people in their socioeconomic intercourse with each other, thus gets and upper hand.
The right-wing socialist policies have not been practiced anywhere till now, and the free market led commercialist/ consumerist/ individualist economic system will fail as well as the left wing and left of center economic models are known to have made corruption more aggravated than ever, and the State with its officials use the same machinery and currently the no government interference in business matters is pure LAISSEZ FAIRE.
And a society driven economic model is what right wing socialism is, rather than the current individual oriented economic model of the left leaning thinkers.
Fiscal conservatism often leads to more innovation and more foundational growth.