Lucknow, Sept. 30 -- Samajwadi Party national president and former chief minister Akhilesh Yadav on Wednesday robustly defended the nomination of corporate executive Dhanraj Parimal Nathwani for the Rajya Sabha polls, asserting that socialism, as envisioned by Dr Ram Manohar Lohia, demands prosperity and equality that cannot be achieved without industrialists and genuine investment.

Addressing a press conference at the party's state headquarters in Lucknow, Yadav said he was happy that the Samajwadi Party was sending "a new-generation person with new thinking" to the Upper House.

He also said the alliance formed for the Lok Sabha polls would continue for the assembly elections, with seat allocation based on victory potential.

"In these...