While we are not there yet, here is interesting extract from Thomas Friedman analysis on the US/European economy, that could well apply to India-
“The meta-story behind the British election, the Greek meltdown and our own Tea Party is this: Our parents were “The Greatest Generation,” and they earned that title by making enormous sacrifices and investments to build us a world of abundance. My generation, “The Baby Boomers,” turned out to be what the writer Kurt Andersen called “The Grasshopper Generation.” We’ve eaten through all that abundance like hungry locusts.
Now we and our kids together need to become “The Regeneration” — one that raises incomes anew but in a way that is financially and ecologically sustainable. It will take a big adjustment”.