As India overtakes Japan in economic size, prosperity lags far behind

India ushered in the new year with a symbolic triumph as its economy edged past Japan’s to become the world’s fourth largest by nominal gross domestic product. The achievement unleashed a wave of national pride in New Delhi and among business leaders, but behind the celebrations lingers a question: can the world’s fastest-growing economy turn rapid growth into widespread prosperity? Economists warn that GDP figures alone cannot create jobs, lift incomes or bridge yawning inequality in a nation...