No. They are in a semi-stable situation like the US. With strong political and regional divides. Its not so bad, that there will be a revolution. But they are grossly underperforming to what they could achieve. Some regions like the south, do spectacularly well though. High per capita $ and literacy.

By ease of business rankings, India is one of the worst countries globally to do business in, due to red tape. I would not set up shop there.

All their success is despite their bad governance. Its not going to change