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This profession is reserved for nepo and privileged guys. You better make better choices.
There should be big movement to destroy clat coachings and intimate vulnerable students that if they are middle class, they need not come into NLU. MBA and research in science are better option. Where even if pay is nit great at least you are contributing something to humanity

Only rich people should do law, whose parents have atleast net worth of 20 crores.
elaborate on the wealthy background point? can't seem to understand it
4 lakh per year law ke dega, uss se accha 30 lakh me MBA kar ke khuch to scope hoga and greater work life balance.
India is a very populated country. There is not just enough resources for everyone. Country is at breaking point. There is no improvement on any sector.

Status of colleges , quality of education , quality of healthcare , cleanliness are all going downhill.

There is huge competition for anything and everything in this country.

Now, add to it problems like rich v poor divide, income inequality , diversity , populous politics, uneducation , rural majority , nepotism , regressive conservatism , religious radicalisation and criminalization of politics. These factors make this countrydeeply troubled. The complexities of the country has no possible workable solution. Needleas to say, HUGE number of citizenry is giving up their citizenship and leaving the country.

Now answer to your question:-

It is not just law. India IS a depressed country. Youth is depressed as frac-k !
There are enough resources. The problem is that some people want to hoard and not share.
Totally agree. Overpopulation is the biggest challenge. No amount of resources can provide viable infrastructure and equitable opportunities for 1.5 billion. Just mathematically impossible
You should revisit your maths knowledge. It's very much possible, provided the 1% are forced to share.
Did your parents "share" their resources with the world at large instead of you? A basic knowledge of evolutionary biology and human instincts would serve you good.
Apart from the general problems pointed out by the other answers, one thing is that law teaches you to be argumentative, find loopholes and mistakes and point out corrections or errors - in everything: cases, arguments, drafts, projects ("lacunae"), exam fact matrices. Our profession is rarely about generating something new and productive but mostly about criticism and rebuttal. I also think that some of the cases we read (especially crim & consti) and things we hear about in our BA subjects make us extremely negative and hopeless.

Moreover, we are re-socialised in tiny campuses of 500-600 students all learning the same thing. This leads to law students (and lawyers) being the most arrogant, argumentative, critical and cynical people you will ever meet. This pushes people away from us, making us lonely and full of self-hatred. And it's a vicious cycle from then on.