The COVID-19 pandemic has created a large scale human havoc and economic emergency. It has compelled the world political leaders for announcing social distancing and national lockdown as there is no vaccine to this pandemic yet. Amidst this global crisis, India must see this as an economic opportunity to go for comprehensive economic reforms to correct domestic financial crisis and external shocks. It is true that Indian government has announced a major economic relief package as an immediate measure but for long term purpose, India should go for 1991 like reforms.