no, because India's revenue is growing, that's how you get developing countries out of the mud. Look how China developed since they became the world's factory.
I don't believe this planet can sustain billions of people living with the same standards/ways like Northern American or Western European people do, that's a pipe dream equal to "Everybody can be a millionaire".
Sure, everybody could be a millionaire, but at that point nobody wants to a millionaire anymore but rather a billionaire, the same applies to living standards.
Yet people think it's viable to extend that same kind of lifestyle to additional 6+ billion people? Let's not forget that a large part of these 6 billion people are not even close to a Chinese or Indian middle class, but are stuck way below the poverty line. And it's not like India or China have solved environmental issues, imho there is massive "environmental debt" building up in India and China, people merely tend to ignore those in light of high renewable adoption rates, but that's only one part of the issue, waste management is another one.
As much as I wish it'd be possible, I simply don't see how this is supposed to work out with constantly rising living standards for everybody. So the other outcome is most likely that standards won't rise for everybody, but rather that they equalize on a "middle level", which still means close to a billion people gonna have to "lower" their standards and a couple of billion have to rise theirs quite a bit.