Emirates is a major global airline and the largest by terms of international passenger-kilometers flown. They have limited local alliances covering regional markets - no major codeshare agreements unless needed to gain access to a market (for example their former codesharing on some India flights with AI).
So Goyal's comparison of 9W to EK is really far fetched. EK flies to six continents, is the largest A380 operator and is modelled after what Pan Am was to global aviation a few decades ago. Jet Airways isn't going to come close for a long time. I wouldn't be surprised if Emirates flies more Indian residents internationally than Jet does (given their coverage of India flying to 10 or so airports here - BOM, DEL, CCU, AMD, MAA, HYD, BLR, COK, TRV, CCJ).
Most India pax aren't even terminating at DXB but going far beyond.

Now as far as 9W's alliance situation - OW IMHO would have been the best fit given existing relations with AA and CX, given the overall suitability of their quality product etc. However ego's and the desire to take on BA, and sitting on the fence too long meant that IT had a chance to sneak in.
Star is a longshot as SQ and AI won't be in favour. So what's left is the lesser quality skyteam. Now maybe 9W can enjoy being the best among lesser equals - but is it good for the airline, probably not.
And they continue to wait... I only hope that IT continues to mess up and maybe doesnt make it to oneworld due to its financial and management issues and 9W might be able to grab the opportunity..