Socialism: Socialism is a populist economic and political system based on public owner ship of the means of production. According to Gandhi Ji it refers to concept of equitable distribution of good and services so as to fill the gap between the haves and have not. The main aim is social equality to serve the society as a whole and mainly control by the government.
Liberalization : It is the process or mean of the elimination of the control of the government over economic activities. It provides greater autonomy to the business enterprises in decision making and eliminates government interference for economic development.
Thus the concept of the socialism is quite different from the liberalization but can complement each other via some government policies like minimum wages, reservation in govt. Jobs, imposing high taxes on business entrepreneurs etc. which can reduce the gap between the rich and the poor and achieve the goal of social equality.
So socialism is not completely irrelevant in the era of liberalization.