People simply don't appreciate America's insurmountable military superiority. The US offensive capability dwarfs the rest of the world combined and is likely to continue doing so in the foreseeable future. The only reason the US is not invincible is because their defensive capability lags far behind and they can't defend themselves fully against attack. So, militarily, even Europe, Russia and China have no hope of challenging the US, so India is not even in the picture.
In terms of economic power, India may eventually achieve parity with Europe/Japan. If you can provide a European/Japanese standard of living for most of your people, then who cares what label anyone puts on you?