I think that as soon as India can get itself out of its cash crunch situation, its economy will boom again.

China will not keep up with the competition of India because India simply has more manpower and its labour is dirt cheap. China is trying its hardest to manipulate its currency to stay low but the free market forces will simply drive it up again as the Chinese Yuan is increasingly becoming traded on the open markets.

Paytm and other payment processors will benefit from this boom in my opinion as the people in India are already used to using these apps to conduct day to day trading activities. Bitcoin in India? It's very possible as well.