The 5000 years thing is more an esoteric belief than fully reflected in history, though if scripture is fully accurate then I'd agree with it. India certainly did have a lot of wealth and advances before any European involvement though and I would probably put it on the same level as China historically. In the present day however it's pretty bleak because the country is governed by a cabal of rabid egalitarians who want to ruthlessly redistribute the fruit of the 15% productive minority. I don't think India can really reach its full potential without a revolution to throw off the current government inherited.