Thanks to China, a very large portion of the Indian middle class population is managing to somehow stay afloat and feel the country is progressing.

Chinese products now flood the market. From clothing and utensils to phones, gadgets, electronics, makeup, white goods, vehicles, components... you name it, and there's a Chinese version of it available. Compromised quality at a relatively much lower price. 

While the real indicators of development have crashed. Look at the condition of roads, infrastructure, healthcare, education, employment, savings, environment, manufacturing... all have sunk drastically. Top this with compromised institutions, broken systems and widespread corruption. The recipe for disaster is complete; it's just a matter of time for the bubble to burst.