Missing the industrialization bus and this demonetisation are not directly comparable. India at that time had a score of other problems, some even existential, to deal with - illiteracy, lack of education, the British rule, Mughal rule, caste based oppression etc. While the British society was rich, educated and did not suffer from any of the 3rd world problems. Also since then India has not missed the buses of mobile telecommunications, internet, ecommerce etc
Well no one knows right now how much of the black money is in the form of cash. Agreed, people do tend to buy gold & real estate to park their black money, but this does not necessarily mean that the cash form is insignificant. The actual truth will only by out post 30th December. I won't assume anything right now.
And since the exchange of notes is expected to be done away with completely and people will only be allowed to withdraw money from their accounts, people with 'black' cash will have limited avenues to convert it to white. Lets just wait and watch. Reducing the cash crunch does not mean that the black money is converted to the new currency notes.