How would a permanent seat in the United Nations Security Council affect India?
Answer by Balaji Viswanathan:
Every major power runs into issues with the UN. US in Iraq, Russia in Crimea and India in Goa/Kashmir. In those times, it is really important to have the veto on your side. Russia could afford to completely ignore the UN with the security of the veto.
India has so far been spared of the UN, using Russia (USSR) veto. Our buddies in Kremlin always veto anything that comes up against India. That is good, but India needs something more permanent. Also, every veto has its hidden cost. India often undersold its exports and overbought its imports from Russia in exchange of Russia's veto.
To reduce the cost of an external veto, and also to earn money by "renting" out the veto (like what China does with African nations like Sudan – in exchange for huge economic concessions) India wants one. There is a real price attached to it. Of course, that is the main reason the existing powers block this (veto is a scarce resource and the rent seekers will not easily giveup their monopoly).