Socialist and communist ideas overlap according to me. And gaining insight from the socialistic countries like China, we can assess how a huge, diverse nation like ours would fare in a communist regime.
The strengths and pros of a communist regime are: the differences are eliminated. Religious, political, economical and personal differences are effectively reduced in a communist regime. Cons of such regime would be lack of individuality and privacy. "Unity in Diversity", doesn't apply to India alone. There are many many countries that are much diverse and much unified than India. China is just as diverse with its populace. But has communism done China good? China has done very well in its economy but restrictions of religion, press and firewalled internet plague the citizens. So a communist regime can be very effective in unifying a diverse populace at the cost of their individuality.
Our forefathers had very socialistic ideas. Early Indian governments for that reason drew many reforms and ideas from Russia/ USSR. So it won't be that big of a jolt if India turns socialistic to me. China is the 87th least corrupt nation. India is 78th. But as we see the corruption index we would notice that it is the socialist countries that are the most corrupt. As for nepotism, bureaucratic and totalitarian governments unlike democracy favors nepotism much more. But surely there will be an economical stability. Socialist countries maintain steady economic growth or fall. I would want India to be a democratic capitalistic nation.
The stronger a light shines the darker are the shadows around it.