It's not just that technological advancement will destroy the value of low-skilled labour, it will also directly raise the barriers to entry into modernity. Think about the struggle China is facing in developing an indigenous semiconductor sector - the vast and consistent industrial policies and enormous sums of money - and extrapolate that out to technologies in 2030-2040. The increasing competition between the US/EU and China which will further drive the pace of technological advancement - it's an endless tech arms race. The longer it takes a country to become a producer of technology, the more difficult it becomes and the dimmer its prospects.The other issue, is the 4th Industrial Revolution which IMO by 2027-2030, we would have witnessed some changes. By 2035-2040 the world would be going full throttle advancing on a new era.
As for India... Good luck feeding hundreds of millions of people with cheap labour manufacturing when automation by min. 2030 to max. 2040, would have massacred this economic model
So India is hit with the double whammy of a higher and ever increasing barrier to entry and ever diminishing returns on its only hope of ever surmounting its barrier.