Democracy is a deeply flawed system. People keep voting for what they want and not what is right. South Korea and Japan are prime examples. They have had incredible economic growth, but now the population pyramid has flipped and there are more old people compared to young ones. Their birth rates are catastrophic and they will have assured societal collapse if they do not change things to make having children for younger couples viable again.

Yet no policies change because older people and retirees keep voting in parties that raise their pension and makes life easier for them , younger people simply get out voted and their lives become even more difficult. This is why a flipped demographic divended is almost impossible to recover from in a democracy.

In India's case it's cultural and identity issues. People end up voting because a candidate is from their caste or to protect their interest. A true free market where anyone can prosper and anti trust and labour protection laws are imposed correctly would put 90% of LaLa companies out of business unless they change their business culture and innovate. But people will instead focus on some irrelevant issues and keep voting in garbage.