Are we really a republic?

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We are celebrating our 69th REPUBLIC DAY today, but are really in a state of republic? Republic is a Roman word. A republican state is one in which power rests with the citizens. Democracy is a Greek word. It means a state in which leaders are chosen from among the general population, and not the aristocracy. being the biggest democratic country in the world , when are we going to grow in a larger scale? the world economic forum ranks India a lowly 62nd among the 74 emerging economics.. even though government is announcing lot of schemes for growth of economy like "make in india" and many more but is the living class of normal people have changed or became better? please share your views down here in comments.....