Socialism is dead. Many tend to claim this in the backdrop of the rise of capitalism in most of the countries in various forms. Even the so called socialist countries adopted some form of ‘modified capitalism’. This picture is far from the Marxian conception and prophecy of annihilation of capitalism and advent of socialism and the end of dialectic process of social evolution. It has not happened so far, but at the same time ideology of socialism also refuses to die and it incarnates in newer avatars. The fact is that capitalism and socialism maybe two binary ideologies, but never in the history have they been practiced in their pure form. Socialism is not merely about state hegemony and all things red. US adopted some of its elements in form of the new economic policy after The Great Depression, Europe continues to follow it in form of social security schemes, deficit budget of all governments in the world to fund public welfare is another hard to ignore example. Socialism remains relevant so longer there is human misery and inequality in society as the greatest emphasis of socialism is on equality of human beings and not so much on an all powerful state.