Hardly. Diplomacy is based on flexing one's muscles, muscles which China has painfully gained and rightfully deserved. Every sneeze from Pakistan incurs a Bollywood song sort of a reaction from the Indian diplomatic offices. From spending tons of money to lobby against minuscule military deals to not knowing one's place and demanding uninterested countries to not deal with Pakistan, all ending in a comical summoning of ambassadors. But that 'bad diplomacy', nay hilariously failed diplomacy, is hailed as accomplishments by your countrymen on this very forum. For what? Steroid shots to an insecure sense of self importance?
China on the other hand is a dog from bigger fights. It is in the place where India wants to pretend to be. 1) It is enforcing it's rightful place in the diplomatic canvas of the world against powers that were once too overwhelming. 2) It is standing besides its foremost ally with which a major chunk of its economic and diplomatic future lies. 3) It is playing its hand against a country which comically thought itself a big enough player in South-East Asian affairs that it sent its warships to Vietnam. A country which many believe is being propped up as a counterweight to China........ This is how actual powers play.
Furthermore, no body is ruining any diplomatic and/or economic ties with China for India, not even India itself. It is farcical to even propose that the world's second largest economy, the factory of the world, is anywhere near being dependant on a massively inelastic import oriented economy. You, my friend, are dependant on Chinese goods, thinking anything contrary to that is the height of self-approbation. While India is wanted by the west because it is an emerging market for them, they need China because it is their supplier.
And if India is indeed so hunky-dory vis-à-vis its current situation in the NSG then why all this dance and chant? Sit well and sit quiet.