First, let me clean some "facts" from you:
The population thing is this:
According to a UN report, India's population will rise to 1.6 billion in 2050, while China's population will hit 1.4 billion in 2050, then start to stablize.
Also, China is NOW allowing families to have 2 kids in cities (in countryside it has always been 2 kids, and for minorities, no limitation).
OK, my Opinion regarding India:
1. India is of course rising too, also in fast pace. The thing is the China grows just a bit faster, this year 2004 China's growth is 9.5%, even HongKong is growing 7.5%.
2. India will be mega power too in some 30 years or 40 years, it is just a question of time. One big disadvantage of India is because she is "Democratic", it means extremely in-efficient in many aspects, but the Advantage is that their government will never make BIG mistakes like China had during Culture Revolution (10 years waste of time). But now Chinese government will not make those kinda of mistakes more, since it is only concentrating on ECONOMY, so no more BS about Communisme, just let people make money get rich.
3. China's economy is NOT slowing down, the fact is it is growing TOO fast, hence government is trying to do Macro control on the enconomic growth, to control it to make it grow in the tracks in a healthy way. The prediction of next year's growth is still about 9%. If you don't control it, it may grow some 14%, but it may be not so healthy, like eating, you cannot eat TOO much one time, you should eat in a correct way.
4. China got more attention, true, one reason is also that China is not "demoratic", so it makes some ppl fear the rise of China, hence more talking about it, I think. But honestly, here in Western countries, when I talk with other Westeners, they all start to say China will be Number 1 soon, overtaking USA, including my Indian friends too.
Forget my next points, leave them to next rounds.