Let's compare the economies and military budgets of both the countries.
India
GDP: $4 Trillion
Per Capita Income: $2700
Export Earnings: $455 Billion
Defense Budget: $72.6 Billion
Arms Export: $2.76 Billion
China
GDP: $20 Trillion
Per Capita Income: $13000
Export Earnings: $3.41 Trillion
Defense Budget: $249 Billion
Arms Export: China is the fourth largest arms exporter globally with a global market share of 5.8%.
As per the comparison between both the countries above, I can safely say India is nowhere near China. China is going to be the number one global power both economically and militarily.