frankly speaking.
in the coming decades, the world would be co-ruled by G3, USA ,CHina and EU.
Japan and Russia would be the challengers . India and Brazil are not even in the position of chanllengers------both are short of solid industry base while powerful industry base the the backbone and base of world power.
Badguy,
Firstly, you are assuming that only those who rule the world deserve the UN Veto. Secondly, you are assuming that ruling the world is the primary motive for asking the Veto Power. Then basing on your assumptions your are ruling out India from Security Council because neither does India rule the world nor does it intend to rule the world by acquiring Veto Power. Both your assumptions are wrong.
UN is not a place for a few nations to rule the rest of the world, it is a forum for international countries to regulate the world. Some are given a special power( and responsiblity) as a recognition of their larger clout, might, muscle, money or nukes.
India is a seventh largest country, second most populated nation with one of the fastest growing economies even in times of recession. It is estimated to grow further. India is playing a constructive role in Afghanistan and Sri Lanka conflict. Its nuclear track record is clean. It has traditional relations with Iran and defence ties with Israel. It is one of the traditional friends of Russia from soviet era, yet it has managed to balance its relations with US and has recently signed a nuclear deal after passing through NSG( irony is NSG was setup after India tested to stop any other country from doing so, also to make Indian nukes illegal. The passing NSG basically made India a legal Nuclear Power.) This tells you the diplomatic clout that India enjoys. The balance that India has managed in its International relations. Besides India is the world's largest liberal Democracy(something which not even the Mighty China can boast of).
So, India's money, muscle, clout and might are growing and are expected to grow further. India has moral highground in terms of nuclear prolifiration, democracy, liberal media....etc. India is the regional power of Sub-continent and has played constructive role in the recent conflicts in this zone(Afghanistan, Sri Lanka). Not just that, but India is able to have relations with seeming International opponents like Russia-US, Iran-Israel....etc. This shows the maturity of diplomatic policy of India. And of course India has nukes and India has no-first use policy inspite of having a rogue nuclear Pakistan as neighbour.
These are the qualifications of a powerful, mature, responsible regional and global power. India may not rule the world, but to think that India cant challenge the world order is a gross underestimation.
BTW, China and EU ruling the world is merely wet dream. UK just rides on the back of US. France is a friend of India and AFAIK has agreed to India having a seat in security council(correct me if I am wrong). China still cannot challenge US. US is the one an only super power of the world. China is little more than a regional superpower(though it behaves like a regional bully). India is a regional power.
In future, world is going to be multi-polar with regional satraps playing a greater role(US will still be the superpower). Not having such regional power centers in Security Council will only reduce the clout of UN.