I forgot to post this a while ago. Apart from a “you scratch my back, I scratch yours” mentality, I actually am leaning towards accepting the rationale for this move. I do think most of the world does benefit with the United States as hegemon (as opposed to China), with its moral code based on democracy and equality and its economy as a centre for innovation. India obviously benefits from the continuation of the status quo, since India cannot directly challenge China for quite a few decades.
By supporting the Fed’s decision, India is reciprocating the support that Obama gave India by being in favour of a UNSC permanent seat bid and not discussing Kashmir. Without countries like the United States keeping its borders open to trade and eventually foreign investment, India cannot cut down on its current accounts deficit. And without the growth of the current account, India cannot continue on its upward trajectory. Though security and hard power remains the most important item on a country’s agenda, economic growth and soft power are potent enough to broker a deal between two countries that could change the direction of international politics in the future.