I do not understand why Indians appear so apprehensive to such an idea. It is a fact that India is not in the league of China, and China is not in the league of the USA and Russia (Yes they both are almost equally powerful).
China is one country that can wield its power to dictate its own terms of trades and military. India is indeed a very powerful country, but only powerful enough to keep its sovereignty intact and interests running.
In my view, the main difference between China and India in simplified terms is this:
India is forced to take corrective measures, or at least deliver dialogues to justify its position each time it is criticized in international forums.
At the same scale, China never feels the need either to undertake corrective measures or give out its justification on any act it commits, no matter how inhuman or unjust they may look.
Although these two differences crop up mainly because of the difference between the governing systems of the respective countries (one is the largest communist country, the other is the largest democracy), but it does not deny the fact that in international arena, China as a state wields a power that India does not.