India in the near future will be a strong competitor to China. There's a large population and cheap labor. India now makes its first attempts to master high technologies. Maybe even they will deal with Bitcoin mining
Cheap labor is not the only advantage for China. There are others, such as low taxes, lax environmental regulations, low corruption, no red tape, governmental support, homogenous population.etc. In India, cheap labor is there. But that is their only advantage. But even the cheap Indian labor is not trouble-free. They are prone to striking at will, for the silliest of the reasons.
I think not only for that advantage about china they are also advantage in newly technology almost all robots or any hi-tech technology is from china.. or even our assesories and phone parts or computer parts you can get it all in china.. many advantages in china that almost all countries have none.