There's a New York Times Op/Ed piece that makes some interesting points about the real state of things in India - there are a lot more tragically poor people there than there are rising technocrats:

Nor is India rising very fast on the report's Human Development index, where it ranks 127, just two rungs above Myanmar and more than 70 below Cuba and Mexico. Despite a recent reduction in poverty levels, nearly 380 million Indians still live on less than a dollar a day.

The article makes the point that India also isn't seeing the rapid industrialization that China is seeing - visit any store in the US, and a ton of things are stamped "made in China". Not many say "made in India". There's another thing the piece doesn't address, and that's the middle phase that industrialization leads through. Look at the history of the US and Europe during the 19th (and into the 20th) centuries: what you see is rising labor problems, as the people working in the new factories get just well off enough to want a better life. From a few scattered reports I see in the media, I think China is starting to see that. India will see the same thing. The results of that unrest don't have to end as well as they did in the West either - there's just no telling how it will go.

The next couple of decades should be fascinating to watch that way.