Long and winding . India can also put it the same way. We are better of trading with china than with US. US prosperity comes from $ being the base currency in the world trade. Remove that then US cant print money at whims & fancy to fund its domestic economy at the expense of the world.Good argument, but has a big flaw. You are assuming US will continue to try to be the world police at any cost. The public opinion in the US is changing, regarding them being the world police. Obama won, promising to wind down wars. His tactic is to support the opposition without entering the war themselves. That is his strategy with China too. I don't think Hillary/Sanders(his most likely successors) would disagree with him. US is emerging as the biggest oil producer in the world, so they are not dependent on Oil for energy security. Entire world is transitioning to Solar power or will in a few decades. They are realizing the policing business is not really bringing any good return on investment. They want do do trade and not war. Afterall they are businessmen first.
As China rises, at some point of time in the near future, the amount of money they spend in military in this region won't be worth the trade benefits they get. Being the capitalists that they are, they would just cede the superpower status to China or enter into a power sharing agreement with China, rather than implode their economy like the soviet union trying to compete in a far corner of the world. If such a situation arises, who has more to lose? India or US? For US, worst case is loss of a few billion dollars, maybe another great depression where they restructure their economy to focus more on the european and domestic market.
Where does it leave us? For India, her territorial integrity is at stake. We would be China's bitch just like Pakistan is now only ranked lower than Pakistan. I am sure that is a future I would readily trade for allying with US. In fact, India should be more proactively trying to secure the Japan-Australia-US alliance in terms beneficial to us, before it is too late. China is one problem that is not going to go away just by waiting. China is the one that is doing the waiting game. Waiting for the US power to wane, their Economy to surpass US. Now is the time to act for India.
India can also try what china did to US by trading & hoarding dollars. This will ensure China does not disturb the equilibrium. India & China have not gone to war so far and dont expect in near future.