I think its a great idea The_Architect, but is one which we-the players-might need to add in ourselves, because it doesn't really fit in with the 'Streamlining' philosophy for Civ4. That said, if someone were to come up with a really good mod which incorporated education/skills, then I feel certain that Firaxis would include it in an expansion (i.e., if they saw something which worked, I reckon they would include it, because I know thats what they did in Civ3).
However, I think that they have found ways to partly simulate what you have highlighted, based on what Soren has suggested here. Lets see if I can summarise it:
1. India covers a large land area-as well as having a high population. The combination of these two factors have left it with precious little income to spare.
2. Of the income it has, in RL terms, India seems to have most of it currently invested in Culture and Religion-not technology (though this is now starting to change).
3. The overall effect of this is that they lack the high tech necessary to build the industrial improvements with which to turn their labour into lots of hammers. They also lack the money to properly maintain them.
4. India also lacks the income necessary to maintain quality infrastructure, leading to low health and high unhappiness-both of which further reduce the productivity of their cities.
5. Because many of India's cities are smaller and more rural, they probably also have very few specialists-instead using the labour they have available to farm the land, not produce extra commerce, science or labour.
To be fair, though, India has certainly come a very long way in under 65 years of self rule-a heck of a lot further than, say, Indonesia.
Back to my point, though, many of the things I have described do simulate, albiet in a very abstract fashion, a country that lacks both high education and high skills (i.e. low tech rate, low specialisation, no access to high-tech production). To continue the RL analogy, Japan has-in Civ4 terms-about 4-6 major cities, all of them VERY HIGH population. Since 1945-using a combination of money saved from disbanding units and money recieved from Western nations-Japan has invested heavily in tech advancement. Then, because of its small size, it has found it easier-and cheaper-to implement the fruits of its technological advances in its cities. This has allowed Japan to specialise its labour, thus moving more and more away from its rural base (instead obtaining the food it needs to grow/maintain its population via trade). Now Japan has a financial and production base which is far greater than that of a nation 3 times its size-in either size or population.
Again, though not perfect, I would not be suprised if Civ4 goes some way towards allowing players to simulate what I have described here.
Anyway, sorry for rambling, but I hope that explains things

!
Yours,
Aussie_Lurker.