You forgot the two most important pillars of any economy: education and R&D. Much of the mess we see today is ultimately a consequence of weaknesses in these areas. Whether it is the quality of human capital produced by a large share of institutions, low innovation output, weak industrial competitiveness, or limited deep-tech capabilities, the root cause often lies in an underperforming education and research ecosystem.
Having taught mathematics to UG and PG students across STEM and management programs for over 15 years, I can say with confidence that the quality of higher education has declined across a large number of institutions due to substandard academic practices. While there are notable exceptions among some IITs, NITs, central universities, state universities, and private universities, the overall trend is concerning. State universities, in particular, have been among the worst affected.
Without substantial improvements in education quality, research capacity, and innovation ecosystems, sustaining high long-term economic growth will remain a significant challenge.
There are only two major misses of the Modi era - Manufacturing and Exports. On all other fronts, country has been governed well on average.