China already has terrible PR with the West; they just don't like a country from the East rising to possibly become world number 1. The fact is, anyone who didn't like China before this still won't and anyone who did still will. And to be honest, no one in the West does business with China because they love China (politically) or like feeding the Chinese economy; they do business with China for their own profits and out of necessity to fight their competition. They do business with China because China offers the best service/product for the price in the world. The real question is, whether these people would be willing to sacrifice their own interests and profits in a show of solidarity with India. Do people love India? LOL Not from what I can tell.
From what I see, China and India are opposites in Western minds. Westerners are supposed to hate China because of politics but they often find themselves enthralled by its beauty and culture and end up making confused, stupid statements like, "It's so wonderful here but the government is oppressive and terrible. I love the Chinese people but hate the government." But for India, westerners are taught that they should like India because it's the biggest democracy in the world but to be honest, they just can't find anything intrinsically attractive about India.
But there are plenty of people in between those who are convinced either way. Those swing votes matter. It's always important to cultivate your image as unfortunate a reality as that is. The people who hate China and Chinese may change.