One other major advantage India has is that it has ALREADY done what China needs to do relating to dependency on its domestic markets. India is not dependent on other countries for its economic well being and has a full, flourishing and rapidly growing consumer base with average incomes rising in virtually every discipline.
Also India isn't one of those countries wasting resources running around the world building itself up as an expansionist military power.
As to India experience working with USA, Europe, Japan and Australia, it is blatantly clear India provides ADDED value to its partners instead of trying to take short cuts. From that, India is far better understood as a more trustworthy partner that isn't in the business of stabbing its partners in the back. That comes from decades of democratic freedoms along with capitalism from the small peanut seller on the sidewalk to its burgeoning industrial base.
India growth rate is now passing China leading to the probability that INDL will be over $20 within 12 months. Likely to have a significant jump in January.
Fundamental reasons why India is benefiting from today's economy:
1. Metals prices plummeting making manufacturing growth in India more likely.
2. Energy prices plummeting gives India, a country dependent on imports an advantage.
3. Biggest long term macro economic advantage India has over Europe, Russia and China: demographics, democracy, capitalism, transparency and education levels. India has a surplus of English speaking, highly educated young population whereas Europe, Russia, Japan, China populations are declining.
4. India has far better understanding of USA and Europe than other emerging economies. After all, India engineers, computer science and health care professionals have learned from USA and Europe over the most recent decade.