We're still a relatively rich country in terms of GDP - 23rd out of 184 countries according to this list.
http://en.wikipedia.org/wiki/List_of...al)_per_capita
India is 138th reflecting that a large proportion of its population live in slums - whilst the rest seem to be affluent. It's to their shame that they are wasting money on rockets instead of fixing their own society.
India isn't a priority but we can be proud we do donate to others. The amount is minute - 0.7% of national income - so those asking for it to be cut - it would make diddly squat difference to our budget. That money means a lot to others if targeted at the right areas.