When thinking of the story's plot, I am reminded of J. Campbell's take on three-act structure relative to the Hero's Journey:

Separation --> Initiation --> Return

In The White Tiger, Balram separates from his Old World when he lands a gig as a driver for Ashok and Pinky.

His "initiation" into this New World is a lengthy process, one which occurs in fits and starts. There are key turning points: sending away his rival driver; the car accident for which Balram takes the blame; Pinky's departure. It is not until later in Act Two that Balram really begins to game the system to his advantage.

And then there's the "red bag."

After the decisive encounter with Ashok, Balram's metamorphosis is nearly complete. Indeed, he even takes to calling himself by his former master's name. Thus, his "return" finds him a transformed individual which is precisely how Campbell refers to the returning hero in the hero's journey.

If I had more time, I would do a sequence breakdown as I think that would be a fruitful exercise in assessing the story's plot. It feels like there are at least 10, perhaps 12 or more sequences. But there is certainly a way to look at the plot as a three-act structure and if you look at Pinky's departure as a Transition point, perhaps even a four-act structure.