Where have those once 'low manufacture' players gone? Japan, S.Korea, Taiwan, and even Macao, and Hongkong?
Back to fundamentals. u may boast of a few "a vast pool of young and educated personnel ". but when it comes to 'manufacturing' it's not about a few doctors, masters or MBAs but an overall elevation of labor force at all levels. In China 9-year compulsory education has been enforced for decades. And illiteracy is almost nil.
And infrastuctures - let's see where an Indian port is ? Or how many Chinese ports are among the top rankings?.
Top 50 World Container Ports
The No.1 Indian port Nhava Sheva ranks only 26th in the world
Nowadays how cheap 'coolies' can be seems not a core strength. But what most matters include a mass of workforce with upgraded educational level / competence , total logististics, and beyond...