The Russian sanctions episode has shown that (1) western governments don’t want trade with Russia and China, and (2) western companies need components from Russia and China. If we (India) can maintain decent relations with all the parties involved, we can act as a gateway and make a lot of money.
Some people in our government are concerned that relations with China and/or the US might collapse at some point in the future. But considering the state of our economy, the unemployment rate, and so on, I think we should take the risk and do it.