Let's wait to see which country, between China and India, can fare better over the next 60 years of economic development. India might not have enough water now but the raw material for solving any problem is found in problem solvers, not the ground.
There are countries with large young populations that struggle to make a decent living due to a lack of investment or opportunities.[1][2]
1. https://en.wikipedia.org/wiki/Demographics_of_Egypt#Age_dist...
Producing good doctors, teachers, police officers, judges is much harder to scale. At the very least, India us known to nurture good engineers and doctors in serious numbers.
This implies that the quantity of "problen solvers" is more important than quality.