Retaining a Developed World Status

I am trying to answer the question – what constitutes a third world country or the milder version “a developing economy”, and especially what led it into being a developing country. Specifically was India, at the turn of the 20^th century, a developed country or a developing country?

My understanding is that when the East India Company started trading, India was a developed country, where finished products were available for trade resulting in revenue and capital for further development (economic or military). However the industrial revolution in Europe far outpaced the production capacity of India, not matching the finesse of Indian artistes. On the whole it was cheap, people could afford more of what Europe produced and local industries got destroyed in the process. A little arm-twisting from the now British shareholders over the spineless manipulative rajas and maharajas, no doubt, helped in a wider adoption, and subsequent transformation of India as an excellent base of raw supplies. People were exploited for their raw supplies and squeezed to produce more, but was the economy of India still a powerhouse, if we add all the revenues created from the individual provinces etc? I believe it was a great economy but with unequal distribution and welfare. Considering that to be the case, I think that the fall from developed to developing, came about with independence, and the realization that India has lots of raw supplies but no useful method and process of materializing on this treasure. It took India a good 50 years to realize its potential, getting manufacturing knowledge established for profit, getting manufacturing infrastructure in place, and for knocking on some certification agency for a “developed  country” status.

India = USA 

East India Company/British = China 

20^th Century = 21^st Century 

Rajas/Maharajas = Senators/Congressmen

Independence -> dreadful wait

50 years for India = ?? years for USA 

Moral of the story – Manufacturing knowledge is paramount to success.