It is about time they did, a country of their size and population should really win more.
You forget that since the departure of the blood-sucking British Empire, and due to internal squabbles and corrupt politics, plus the overwhelming conservatism of families all around India, and the lack of a proper infrastructure for the propagation of world-class athletics, India has been much more focused on economics and class struggles than on sports. In other words,
India doesn't have a sports culture and, needless to say, the concomitant sports infrastructure.
A common problem in India with a great athlete is that he's totally beaten down by parents who say, "What? Running? I'll have none of this sprinting-frinting nonsense... you finish your school and get high marks, study, and get a good proper job..."
Even those parents who are supportive rarely have enough money to send their kids abroad for training, because the government doesn't put much money into proper sports training within the country.
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I don't know... you're not really
wrong, Falcarius, in calling attention to their size and population, but there's a
lot more going on, including the fact that 70% of that massive population is rural and 95% of the population is ultra-conservative and considers sports a waste of time when it comes to their own children. India's only recently beginning to buck up and put more emphasis on sports outside of cricket (they've gone downhill in field hockey, which was their sole source of Olympic golds, since the 70's)...