Yours is really a poor definition for “developed nation.” A more standard definition of development is based the amount of available capital in an economy. Compared to W. Europe, Japan, N. America, etc., India has a pitifully low amount of capital, per capita (also a poor population: 25% is still below the official poverty line, etc.). Interestingly, one of the chief factors slowing Indian economic growth may be that it has avoided specializing in products requiring cheap unskilled labor (e.g. textiles), as China, etc., have, instead wielding protectionist policies which supported local capital but ultimately weakened its ability to compete on the world market, and other regulation, like draconian labor laws, which have discouraged direct foreign investment. See <http://economistsview.typepad.com/economistsview/2008/01/why...;
