Can India be Number One? Maybe. They have, however, lost one chance when they had big names like Tendulkar, Ganguly, Dravid, Laxman and Kumble in prime form. There's enough talent to build a top team, but unfortunately, lack of planning, preparation and strategy has left them high and dry, time and again. You've got teams who got things planned out nicely. Then there are teams who have raw talent. Then there is this Australian team who get the best of both.
Things have been getting a lot better now, since, the 1990's or early 2000's. The talent surely exists, but the people in command need to tap it to good effect, to create a winning team. A whole lot of needless beliefs from the past should be shaken off and they need to look at what they have to do, to win matches consistently. Sachin's centuries don't matter anymore. Only Indian victories do.
They're not the top team now, but there's no harm in trying. Rather, if they don't try, they'll be finished, and way back in the race. While it is unrealistic to assume that India will be the top team and way ahead of every other team in the table, the gap between best and second-best will be getting thinner with time. They can clinch it. The question is, what do they need to do to get it, and how do they go about it.