Having a huge population doesn't help much. I am from India and I can say that the current state of the country is not good. There are some good initiatives such as the Digital India initiative and some good advancements on the Fintech scene but the country is not in the best state right now. At least, not positioned for remarkable growth like China had in the past few decades.
The article highlights this by saying "India currently punches below its weight on the world stage" and it's true if we go by the numbers. Also, if we go by the numbers the country is in the best state ever compared to its past. Modernization in manufacturing or agriculture will surely increase the country's output which I believe should be the target of governance.