EU's total emissions are higher than India's total emissions.

Furthermore, the atmosphere is very good at mixing CO2, so a ton of CO2 has pretty much the same impact no matter who emits it.

Unless you can make a good case that some people have some sort of natural or divine right to live a higher emission lifestyle than other people, allocating emission allowances equally per country makes no sense. Otherwise per capita is the right measure.

If we want to hold emissions at current levels, that works out to around 4.5 tons per person per person per year.

The people of India are at 40% of that, China is at 160% of that, and the EU is at 170% of that. The US is at 340%.