In my opinion it all comes down to how India (or any other country for that matter) takes advantage of the situation. You see when people talk about the energy crisis in EU they usually focus on regular people and whether they are going to freeze whereas the reality is that the biggest impact is on the industries not home users.

Take Germany's automotive industry. It suffered the first and the most in early days and continued shrinking and shutting down. Such things creates a void in global markets that others could easily fill to strengthen their own economy.
For example China has been taking full advantage by buying all that gas that used to go to EU in their own manufacturers to fill the global market with their products at cheaper prices. This creates more jobs in China and strengthens their economy more, hence reducing the effects of any fuel price rise.