If I your were in India which was a deep socialist state in 1980s and 1995 just when the seeds of 1992 reforms were sowed, it was a complete shithole compared to the India of 2020 even with COVID.
I would rather live in an unsustainable India of 2020 than in sustainable India of 1985.
Debt is not really much of a problem for India as debt of gdp ratio is pretty low. Debt is not a problem in terms of sustainability either, when the proverbial shit hits the fan the country might go into massive recession but even in the worst of worst cases and even with terrible politicians at help recessions don't last very long. But the gain upto that point are all real. (India has over 50M more young and healthy people purely because the country has eliminated Polio and dozen other diseases that were common 40 years ago).
Rising population and rapid urbanization would require India to manage its forests, water and other resources better and India is not equipped to do so because of government control of key industries and bad policies. But we can hope things will change for better as a more competent government is at helm.