Instead, I'd write India off because they have seriously failed on creating a strong business environment, competent industrial policy, and quality education system. To be fair, they're improving. But the question is, is it fast enough.
What improving? If anything, it's all actually regressing since the start of the Modi-era.
What Modi did:
1) Business environment:
Worse oligarchy in Indian history. Dominated by Ambani, Adani, and Tata.
Even worse gangster business policies than the pre-Modi era. MNCs are leaving India faster than ever.
2) Industrial policy:
Make in India, and Atmanirbhar Bharat. All failures. Indian industry have not become more competitive since Modi took office.
3) Education:
Holy cow exam, and no more periodic tables and evolution in school textbooks. Education is becoming more anti-science and religious-oriented.
Whatever great achievements of India today is actually riding on the last remaining momentum from decades of Congress rule. As crap as Congress were at governing, they were much more serious at running India than Modi and BJP. It'll take some time before the Modi generation of Indians becomes the new Indian adult population. Then, we will really see the true damage that Modi and BJP had done.