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I do not see much impact as long as GCC keeps going strong because of its natural resources.
The only resources available in abundant worldwide is the human resources with varying potentials.
India's population is one of its strengths and concequently its growth should not impact job market demographics in the GCC area until it consumes all of its local talents. On the other hand, except some naighboring countries, most people (either locals or expats) will have to overcome the language barrier for attracting larger number of expats to work in India.
It shall create an impact but in long term. We can't expect something to happen over night.
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