Myanmar is a resource-rich country. It is endowed with precious mineral resources. Previously, Myanmar was called ‘Rice bowl of the East’ because of its fertile land and rich forest products. Not only in mineral resources, it is also rich in cultural aspects as well. Myanmar is also known as a ‘home of many civilizations to the South East Asian nations’. However, it is one of the poorest countries in the world despite its richness in natural and mineral resources. It has been known as one of the most isolated countries due to its setback under the military rule. The economy was under strict governmental control and the poor economic policies virtually destroyed the whole economy. In other words, the economy of the country deteriorated due to poor management of resources. The people of the ‘rice bowl of the east’ were dying due to hunger and the morale of the people has been ruined. Many cases of human rights violation have been reported every year. However, after reinstatement of democracy in Myanmar, many nations have shown interest on trade relation with Myanmar. It is hoped that the political freedom will change the trade environment in Myanmar. At this juncture, India is also taking advantages, and it is trying to enhance trade relationships with Myanmar in many fields, including the service sectors.