What about supplying goods that people in India can't get anywhere else? Even if those goods are as basic as wheat? What you are saying is that we should take our ball and go home because some other country has a lower standard of living. Do you seriously think for one minute that they are going to say "Okay, see ya"? They'll be selling us stuff like crazy at lower prices. And while we sit over here and whine about jobs and outsourcing our citizens will be clamoring for their lower cost goods because our wages have gone down. Reality.
India is a major exporter of agricultural products. We can't easily export goods to India because the Indians are heavily protectionist and put big tariffs on outside products (especially from the US.)
Tax imports.