Look at the economic growth rate, and you'll see that the Indian economy will become much much larger than the UK economy in the near future.
This economic growth rate, will not last forever, and when it does cease and hits it's peak then we will be able to tell how strong the Indian economy is. India may have a higher growth, yet its income per capital will always be way below the UK, and that is contributed due to its population size. So the UK does respect India, but if it step's over the line in a threatning manner, we won't just sit down and take such BS from a minister, who is obviously needs a lesson in diplomacy.