Russian veto gives India the ability to say "no" to others just like the Chinese one gives Pakistan some leverage. However, it is still not the same as being able to say no yourself.
Beyond that, UN is losing relevance fast and this is becoming stark with each new war.
While it will be hard to walk away from UNSC and P-5 in the near future, the changing world dynamics will make these groupings irrelevant. There could be a point in not too distant a future where a veto by UK, France, Russia becomes meaningless because they simply don't have the muscle to make their word matter. The same cannot be said about the US and China given their power potential.