You would also need to put into consideration cost of living. $650 would go a long way in India.

What about the top 200 million?

Much like China, the top 100 or 200 million can be a very lucrative consumer market, absolutely.

You are thinking short term.

I recognize India's potential, but my answer was about the near term indeed, a 5 to 10 year window. I personally wouldn't value a company further out than that.