Is India really turning out into a powerhouse?

Recently the prestigious(so called) Time magazine has a cover story on the present Indian boom.
Many who read it may consider India as the next emerging economy.Though it is true theoritically, its not the case practically.Just look at the following facts.

• A recent World Bank report showed that 80% of the Indian people live below the $2 dollar mark per day
• India has got one of the world's largest poor class and the middle class
• Investment in education is less than 3%.
• Inflation is at 4 - 5%(though it is acceptable)
• Unemployment rate - 9.2%(excluding disguised unemployment and seasonal unemployment)
• 25% of the people live below the poverty line
• Public debt - 59.7%
• Current account deficit - $4.897bn
• External debt - $117.2 bn

The facts are based on the recent CIA and World Bank report
Though the problems of public debt and current account deficit may be handled with the following complexities make the situation worse

• Transnational issues
• Increasing oil bill
• Corruption
• Diverse environment
• Little investment on infrastructure
• Quota restrictions

The list goes on.
For India to become a powerhouse the above problems need to be addressed.But nobody seems to care so.Politicians are motivated by alliance arithmetic and vote banks.
For India to become a developed nation is just a dream that can be achieved only by a hardcore dealer who functions for the betterment of the nation than the betterment of the people(ethnic groups).