Wealth sharing has never worked, never will. Something that belongs to everyone belongs to no one - what would be your incentive to work if you knew that a) if you do work, you will be forced to share the proceeds with other people and if you don't work, you will still enjoy handouts from other people.
The only way to reduce poverty is to encourage wealth generation through entreprenurism , tax responsibly, reduce corruption and invest in India's basic education system. If that is your tough strategy I full agree with you but if you only want a populist quick fix, then socialism is the path to hell.
