China's e-commerce sites don't have such a worry. They have Great Firewall. Trade barrier works! /s
You cannot trust any valuation that comes out of China.
Their market caps notwithstanding - Alibaba, Didi Kuaidi and Baidu are not global companies. India already has one of the largest global ad networks outside of Google i.e. InMobi and I believe over the next 20 years, you'll see much more truly global Internet companies started out of India vs. China.
The more important question is whether the benefit to domestic industry offsets the harm to consumers. Traditional economics would say no and I'd be inclined to agree.