I'd think India would be more the Brazil of cricket. Country with a lot of poverty, yet very competitive internationally due to country's obsession with the sport over all else
Brazil way richer than India though. Their per capita income is way more than India's ( 3 times as much). With India's economic rise since 1991 though (due to market liberalizations) India will become the new Brazil of cricket though and maybe in the next 20-30 years what the US is in basketball.
India has always had an insane cricket crazy population but has been extremely poor. Now it is less poor increasing the effective pool of players. For a kid with some talent to become an international level player requires a certain level of infrastructure and money. Earlier that was only present in the cities like Mumbai, Bangalore etc so if you look at old Indian players who were good/great they were all from the big six cities of India (Sachin, Sunny G, Dravid, Laxman, Srinath, Kumble, Azhar, Bedi, Vengsarkar etc). But now with better FC salaries, more modern training regimes, IPL salaries etc the pool of kids with potential going into cricket is larger and larger and also coming from smaller towns/less fancy Ranji teams. Indian cricket mainstays since 2000 who are not from the big six cities (and their respective Ranji teams) include Bhajji, Yuvi, Dhoni, Umesh, Bumrah, Pujara, Jadeja, Kuldeep, Bhuvi etc.
This has led to India becoming the best team in the last 5 years (highest W/L ratio in all three formats + only team to rank top 2 in all three formats). You can see this change manifesting also in Indian bowling which never was the best but now we have multiple spinners and pacers averaging below 30 in test cricket (and a few below 25) while still having two 50+ averaging batsmen (only team to have two).
Good news is that India's economy still hasn't reached full potential and will be growing at 6-8% till mid century at least if not beyond which will manifest in cricket also.
Good days are here.