First things first, I would like to put this forward, we are a 3rd world country. In simpler words, we are a developing country. This means our economy is less strong than Americas or Europe’s. Which leads to us not being able to afford everything. Forget paying, we don’t even have some of the means. India has a rising and struggling economy, and his therefore considered to have a developing economy. India is a G-20 nation. India fits the criteria of a developing economy.
       Let me start off by asking you this one question, do you know the amount of poverty in India? 68.8% of the Indian population lives on less than $2 (i.e., about Rs.150) a day. Over 30% even have less than $1.25 (around Rs. 90)per day available - they are considered extremely poor. India has a poverty rate of 21.9% - which is just close to the average poverty rate of the world (23.46%). In addition to this, India has a low per capita income. Per capita income is a measure of the amount of money earned per person in a nation. India has a per capita income of $2227 per person. This is very less compared to developed countries like Switzerland, USA etc.
       There is a large backwardness of infrastructural development. As per a recent study, 25% of Indian families don’t have reach of electricity and 97 million peoples don’t have reach of safe drinking water and 840 million people in India don't have sanitation services. India needs 100 million dollar for infrastructural development upto 2025. This also shows the inadequate availability of health facilities, and poor sanitisation facilities.
       India leans towards a capitalistic economy. A common belief about a capitalistic economy is that- ‘the rich get richer, and the poor get poorer’. A large factor contributing to India’s developing economy is the income disparity.  A report released by Credit Suisse revealed that the richest 1% Indians owned 53% of the country’s wealth, while the share of the top 10% was 76.30%. To put it differently, in a manner that conveys the political economy of this stunning statistic, 90% of India owns less than a quarter of the country’s wealth.          
         Also, India has an agricultural based economy.  The agriculture sector provides around 14.2% of India’s GDP. Moreover,  53% of the Indian population is employed in the agriculture sector. This supports the point that India has a low standard of living. Due to the high population rates in India, it is very clear that Indian production technique is more labour oriented in nature. So it increases the cost of production of the products made in these countries.
       Another reason why India is a developing economy, this point is unrelated to economics but is still relevant, is because of the traditional set up of the society.  Indian societies are trapped in the menace like casteism, communalist, male dominated society, superstitions, and lack of entrepreneurship. These  factors hindered the growth of the country as a whole.
      These are few of the many factors as to why I feel India is still a developing economy.