From what I read you're accurate. You could also make the argument that you could replace the word "India" with "China" and not be too far off in describing another huge economy.
EDIT: Also contrast it with Brazil, where the bottom 5% make about the same as the bottom 5% of China, while the top 5% make almost what the top 5% in the US make.
The bottom 5% of households in the US make nominally more than the top 5% of households in China, but I'm willing to be the bottom 5% in the US lives far worse than the top 5% in China.
If anything, go ahead and Google for China's empty cities. Frankly, I would not want to be anywhere near that bubble when it bursts. The only point of consolation is that the Chinese still have a tight control over all aspects of their society, so they might be in a better shape to recover when their banks go bust.