It doesn't necessarily work that way. People's abilities are on a bell curve, and there is an upper limit. The more people you have, the better chance you have obviously, but you get diminishing returns quite quickly, in terms of added ability per extra individual.
So the top 1% of the population in a country of 10 million, may not be all that different to the top 1% of people in a country of 1 billion. The latter has more people with that ability, but that doesn't equate to a lot better ability. They can pick the top 1% of the 1%, so they should produce superior teams, but the difference in ability, in absolute terms, of 1% vs. 1% of 1% isn't overwhelming. It can be significant at the elite level, but its being outclassed hopelessly.
I would say that the population of people who play cricket, with real cricket balls and bats, and on real pitches, in India, is not much more than in England. I know I had never held a real cricket ball in my hand growing up, we couldn't afford it and there wasn't a cricket pitch anywhere around. It was tennis balls all the way.