I don't think India would do this (recognize Taiwan), as this could jeopardize it's negotiations with China over its disputed territories with China. Something really drastic has to happen in its relations with China, for India to take such a step.
Heck,no one would openly do it,including probably the US,let alone India.India though ,does have increasing trade links with Taiwan & about an year back,an Indian military delegation had a "brief stopover" in Taiwan on their way to Japan.
"I don't think India would do this (recognize Taiwan), as this could jeopardize it's negotiations with China over its disputed territories with China. Something really drastic has to happen in its relations with China, for India to take such a step."
True they might not do that, but they would use the extra bargaining power created by the US and other nations recognizing Taiwan. They could say: "We'll hold off joining them in recognizing Taiwan, but you'll have to give us this & this etc...
Well somthing drastic has to happen anyway. The US can no longer remain neutral for long, not with China supporting Iran (giving military aid, ballistic missile technology and assisting its nuclear program).