I hope India and Brazil get UNSC 5 + 2. They represent more than 1/5 of humanity.
I am not optimistic about India's long term economic prospects simply because natural resources are finite. US, China & EU all have a huge head start on India. When Japan modernized during the Meiji restoration, it made it all but impossible for Imperial China to modernize. When India goes looking for copper in Afghanistan, China is already there. Oil in Iraq, China is already there. Iron ore in Australia, China is already there. Potash in Canada, China is there. Africa, China is already there. Brazil, China is already there. In a zero sum game like that, it took WWII to stop Japan's huge head start. Unless there's WWIII, India's chances of catching up is not good.
Maybe I'll be wrong and India can move 1.2 billion people straight from an agricultural economy to a knowledge economy, but it's never been done before.