Industrial power comes into the equation when it is protracted war and one side is quickly able to produce to replenish losses. The reality is that China cannot project enough force to overwhelm an entrenched defensive India - not in the air, not on the ground and not at sea.
The Himalayas won't allow it - mobilizing the amount of equipment and personnel needed to overwhelm India over the Himalayas is not possible. Long range attack, with missiles, rockets and artillery sure but these won't win China battles.
Sure if China can mass in Pakistan and open another front in the west the equation changes dramatically.