There has certainly been a reddit-like quality infecting the discussions these past couple of years.
I don't know about India as I haven't been there in years but that certainly rings true to me as I reached the same conclusion while staying in many other countries around the world.
Repeat ad nauseam, everywhere in the country. India is more corrupt than a neodymium floppy disk.
First theres human behavior into play, and consumerism. We have been changing a lot of our daily habits through time, because we now live much more in the digital realm, making a lot of phisical things less valuable. We are sharing more, using less goods made of plastic, wood, steel. Our relation to nature and the climate change will force us to rethink the way we behave, our consumerism, what we use and how we use it. The demand will probably drop also because we are making less babies..
For instance automation, AI, Solar, batteries, and 3d printing can make it cheaper to produce things in your home.
And if we still have the same industry in the future, China has a lot of people, and with the industrial park they have now, even with salaries getting higher, it would be not easy even for India to take that spot. This people are insanelly productive already.
Also, if they reach the next level, which is pure automation, it doesnt matter how cheap and productive other humans will be, it will never be enough.
The only way to take the spot from China now will be a industrial paradigm shift, and i gave some examples of how this may happen.
Predicting the future is really hard, and is hardly as linear as we are inclined to think. (For instance what would be of US without WWI & WWII or without the Russian revolution of 1917? Both are 'black swan' events no one can predict that changes everything we know)
(Please, pardon me for any broken english i have in this text)
The "unforced errors" were the death of 18-56 million Chinese in the Great Leap Forward https://en.wikipedia.org/wiki/Great_Leap_Forward.
The Cultural Revolution [1] "Millions of people were persecuted or suffered public humiliation, imprisonment, torture, hard labor, seizure of property, and sometimes execution or harassment into suicide. Many urban intellectual youths were sent to the countryside in the Down to the Countryside Movement. Red Guards destroyed historical relics and artifacts or ransacked cultural and religious sites. " [1] https://en.wikipedia.org/wiki/Cultural_Revolution
A single party system led by a dictator for life was the cause of the errors in the past and is the situation in the present. There is a problem with mono-culture.