Well, personally, I think the world do still place India in the devleloping country category, regardless of its booming economy in recent years. However, it is hit as severe as the rest of the world during this time of economic downturn. Undoubtedly, India contributes the majority of technical, engineering related experts in the world. There is dilating social gap between the rich and the poor, not to mention that India cannot manage to expand the value of its currency to emulate the rest of the world.
I do think the government should pay more attention on social issue, rather than merely having grandiose pride in economic growth, especially the dominating social stratification, known as Caste system. Caste system prevents the social mobility, while strengthens segregation and discrimination throughout th country. Social mobility is critical in enhancing economic growth by allowing individuals to succeed by working hard toward their objectives.