You can be rich in energy and natural resources but not enjoy a good economy.

Many energy/resource rich nations find themselves cursed by the predatory resource capture and control operations employed by more 'advanced' nations who infiltrate and extract their resources.

What is most important is a government that is robust and not corrupt and motivated to develop the nations resources in the nations best interests- rather than being captured and controlled by imperialists. India has some experience in this dynamic.

China also has similar experience but today shows how you can develop wealth and prosperity by focusing on the advantages your nation possesses and avoiding capture and control by western imperialists.

India is rich in people, land, diverse culture, history and English speaking and ambitious and increasingly educated citizens. India has since regaining independence maintained a principled non aligned development approach seeking to avoid re-capture by western imperialists.

But now India must also adapt and develop in the context of a changing world where ancient rival China is now the dominant trading nation and looks like becoming a super power equal to or greater in power than the declining USA. China is certainly looking at regional hegemony in the near future already controlling Cambodia and Laos and Myanmar and with extensive investments in Pakistan and other Asian economies. In fact all Asian economies are now deeply tied to trade with China.

The wealth of nations is hugely dependent upon the quality of their governments and their ability to invest in the nations potential and avoid capture and subjugation by other nations.