Yes you are right to say that the gap between Indian and Chinese economy is far too great.
We have been working rather hard here to close that gap.India already has good trade relations with almost all the major countries in the World.Be it Central Asia,East Europe,Africa or South America,where ever there is a scope of development and we are there.
One good thing about India is people across the globe don't think of India as a country with some aggressive or military agenda,plus we are non-aligned,something that always works in our favour.
The future of the World lies in Asia,with China and India.
Only thing I wish is I don't want the competition to take shape of a struggle for higher power like that between US ans Soviets.