This decade has heralded the arrival of China and the rise of India on the world stage. Due to global recession, the balance of power is shifting from the West to East. China has already occupied second place in the world’s biggest economies. But India is still struggling with - formidable challenges like crushing poverty of millions, uneven growth, pervasive corruption and crumbling governance. Can we, in all honesty aspire to be a genuine super power?

The provided text illustrates that although India is a rapidly growing economy, it continues to encounter considerable challenges such as poverty, corruption, and inadequate governance, which impede its potential to evolve into a genuine superpower. Option C conveys this effectively.

Option A: The text doesn’t focus on the economic meltdown in the West nor state that Asia has entirely gained power during the recession. It just states that the balance is shifting.

Option B: The text mentions China’s rise to the second-largest economy, but this is not the central point of discussion.

Option D: The passage mentions corruption and poverty as challenges, but it doesn't imply that they are the main hindrances to economic growth. Other broader issues, like uneven growth and governance, are also mentioned.