The current nuclear deal is an attempt by Manmohan Singh and his cohorts to turn India into a subservient ally of the United States. In the United States however the talk is of a future in which instead of a G-8, a G-2 (i.e. US and China) rules the world (latest issue of the Foreign Affairs Journal). No chance of course that China would agree to this.
As US power recedes globally, we will be left high and dry with all the other erstwhile US allies such as Pakistan and Israel. Subservience has its price after all.