Nope, it wasn't. 80 years might sound like a lot of time but what you said is akin to me saying "why am i not a billionaire yet when i invested a hundred bucks some 80 years back, 80 YEARS!". Compounding won't make you rich just because 80 years have elapsed.
In 2023 we had an HDI of 0.685 so safe to say we've achieved high (0.700>) by now. If not for INR depreciation, we would've been an upper middle income economy in nominal terms. All the while starting from absolute rock bottom in 1947.
India might not become developed in its typical sense, but then neither has china achieved status of a developed country as per the "definition" of being one by various global bodies like World Bank.