Dungeness
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India followed a lite version of socialism(compared to extremes of USSR, Mao's China) for most of it's history, and several of it's industries still needs reform due to Nehru choosing a command economy for the country. If you had continued the hardcore teachings of Mao and didnt liberalize, you would be much worse than India. India, China, Cuba, USSR, etc. proved is that extreme socialism doesnt work.
From what I have studied, India's problem is not from its socialist planned economy. It is due to the lack of social structural reform after her independence, which in China's case was complete by Mao's sometimes brutal revolution.
There is an old thread I started discussed the exact issue:
How China Beat India in Race for Success------A 1997 Article That Predicted Today