Compatibility summary
You will need a travel adapter in Panama; plug types used there differ from India. Voltage differs by more than 20% — a voltage converter may be needed for some appliances.
Plug comparison
India plug types: C D M
Panama plug types: A B
There is no common plug type between India (C D M) and Panama (A B). You need a travel adapter.
Voltage comparison
India: 230V, 50Hz
Panama: 120V, 60Hz
Voltage converter recommended (India 230V vs Panama 120V).