Democratic Socialism has come to be talked about all over the world as a possible alternative economic and political system. This perception has been bolstered by the events of the last few decades. First, after the disintegration of Soviet Russia the communist parties in many European countries transformed themselves into democratic parties, and then, more recently, after the US economy crash which was sparked off by the fall of Lehman Brothers, many started thinking about socialism. Unfortunately there has been no socialist party in India for many years. The Socialist Party, an independent incarnation of the Congress Socialist Party (CSP) formed in 1934 within the Congress, founded by J.P., Acharya Narendra Dev, Dr. Ram Manohar Lohia, had merged itself into the Janata Party in 1977 immediately after the independence.

The efforts of reviving the Socialist Party started after the disintegration of the Janata Party, however it got a boost with the Indian Socialist Meet held in Pune in 2002. The task of revival of the Socialist Party was entrusted to Surendra Mohan in the auspices of the Socialist Front. It took almost 8 years to take a final decision in this direction. In June 2010, it was finally decided, again in Pune, that the Socialist Party will be formed without further delay. Shri Surendra Mohan along with Panna Lal Surana tried very hard to bring together various socialist outfits till his untimely and unfortunate death. After a year-long deliberations undertaken through a series of meetings held in different cities of the country, several socialist groups and individuals met in a two-day foundation conference held in Hyderabad on 28-29 May 2011and formed the Socialist Party (India) to carry forward the legacy of Acharya Narendra Dev, J. P., Lohia, S. M. Joshi, Yusuf Meharally, Kishan Patnaik and other genuine socialist leaders and thinkers. Around 600 delegates from 19 states were present in the conference. Veteran journalist and writer Kuldip Nayar and Justice Rajinder Sachar were also there to grace the occasion.

The conference elected the following office bearers of the party: President – Bhai Vaidya, General Secretary and spokesperson – Dr. Prem Singh, Treasurer – Jayanti Bhai Panchal, General Secretary – Nurul Amin, General Secretary – Onkar Singh and 28 national executive members including Panna Lal Surana, Ptof. Keshavrao Jadhav, Dr. Sanmath Nath Ghosh, Sandeep Pandey, Balwan Singh Kheda, Shiva Tripathi and Sunita Bakshi. Sandip Pandey and Prof. Keshav Jadhav will be the Vice Presidents and Panna Lal Surana Chairman, Parliamentary Committee of the party.

A Coordination Committee, having Panna Lal Surana as its Convener and Lingraj, President, Samajwadi Jan Parishad, as member was formed to approach other radical socialist groups and individuals for joint actions and programs. Socialist Janata Party President Smt. Manju Mohan, and Loktantrik Samajwadi Party President Raghu Thakur have also given their consent to join the Coordination Committee.