Do not want to put too much negative view but seeing the situation in TVs and other places I feel we are under playing the economic impact. Recovery will not be quick is my reading.
However India will emerge as better economy after this. A lot of production has already started for medical equipment, this will give Indian companies flavour of production and govt push benefits and then this experience will actually convert into major production hub in India. World will also favour India more than China.
China will be cornered very soon, just as it is also an economic power so few countries may not come out openly about it but under the table India will get very good push and trust.