That said, I'd like to point out that the ONLY reason China and India have anything like a real economy at this point is that US (and to some degree EU) consumers went into heavy debt to buy all those US-branded, Indian/Chinese-made toys, electronics, textiles, etc. Should the US and/or Europe decide that unfettered globalization is not in its best interest after all (already happening), both China and India would be cut off from by far the largest market in the world (US=14 trillion, China=4 trillion)
What you say might be true for China, but Indian economy is mainly driven by internal consumption. It is not an export driven economy.(India is a net importer).
http://en.wikipedia.org/wiki/Economy_of_India#External_trade_and_investment
India's economy is mostly dependent on its large internal market with external trade accounting for just 20% of the country's GDP. In 2008, India accounted for 1.45% of global merchandise trade and 2.8% of global commercial services export
So US/EU stopping trade with India wouldn't be catastrophic for the Indian economy.
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