By default, the Windows operating system displays the text below the desktop icons. But if you want to display it next to the icons, this free tool called D-Color will let you do it easily.
Default way the desktop icons display icon names:
D-Color is a free portable app that lets you customize and change the appearance of your desktop icons, its text foreground and background colors and also allows you to change the view of your desktop icons from Large, Small and Tile view icons.
While you can always customize the icons appearance like icon size, color, font, spacing, etc via Control Panel > Appearance and Personalization > Personalization > Window Color and Appearance, D-Color lets you do so easily.
You can also configure D-Color to start with your Windows, save current icon layout, restore earlier icon layout and more.
You can download freeware D-Color from Softpedia and give it a try.
Worked fine on my Windows x64, but it is always a good idea to create a system restore point first before trying out any new software.