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These were some points that I thought were important and not essentially mutually exclusive. I will think more about it and then post. In the mean-time you can post what you think is relevant.

If India wants to get into the top league of nations, it will need a leap of faith where it forms its policies towards rapid industrialization and moving as many people out of agriculture as possible. A flavour of this argument is presented here in an article I wrote long time ago...