Introduction:
The statement "Liberty conceived by the Preamble or fundamental rights is not absolute but qualified" implies that although the Constitution guarantees certain fundamental rights and liberty to the citizens, these rights are not unrestricted or absolute. There are certain limitations and qualifications that can be imposed on these rights in certain circumstances. This concept of qualified liberty is essential for maintaining social order, protecting the interests of others, and ensuring the overall welfare of society.

Explanation:

1. Context of Fundamental Rights:
- The Preamble and fundamental rights form the cornerstone of the Indian Constitution.
- These rights are enshrined in Part III of the Constitution and are considered essential for the protection and promotion of individual freedoms.
- However, it is important to understand that these rights are not absolute and can be subject to reasonable restrictions.

2. Reasonable Restrictions:
- The Constitution itself provides for the imposition of reasonable restrictions on fundamental rights.
- Article 19 of the Constitution, for example, guarantees certain freedoms such as speech, assembly, and movement but also allows the State to impose reasonable restrictions in the interest of public order, morality, and the sovereignty and integrity of India.
- Similarly, Article 21 guarantees the right to life and personal liberty but allows for restrictions on these rights in accordance with the procedure established by law.

3. Balancing Individual and Collective Interests:
- The concept of qualified liberty is crucial for striking a balance between individual rights and the interests of society as a whole.
- It recognizes that the exercise of one's rights should not infringe upon the rights and well-being of others.
- For example, the freedom of speech and expression does not give individuals the right to spread hate speech or incite violence.

4. Social Order and Welfare:
- In certain situations, the restriction of fundamental rights may be necessary to maintain social order and protect the welfare of the society.
- For instance, during times of emergency or threats to national security, the government may impose restrictions on certain rights to safeguard the interests of the nation and its citizens.

5. Judicial Interpretation:
- The Supreme Court of India plays a vital role in interpreting the scope and limitations of fundamental rights.
- The court has the power to determine whether the restrictions imposed on these rights are reasonable or not.
- Through its judgements, the court ensures that the concept of qualified liberty is upheld and that the fundamental rights are not misused or abused.

Conclusion:
While the Indian Constitution guarantees fundamental rights and liberty to its citizens, it is important to understand that these rights are not absolute. The concept of qualified liberty allows for reasonable restrictions to be imposed on these rights in the interest of maintaining social order, protecting the welfare of society, and balancing individual and collective interests. It is through the interpretation of the Constitution by the judiciary that the scope and limitations of these rights are determined, ensuring a harmonious coexistence of individual freedoms and societal well-being.