What does it mean for India that China is to invest $46 billion in Pakistan?
Overall, it might prove to be not bad for India. India's biggest threat is not a stronger Pakistan - Indian Army can easily handle their army, but a weaker Pakistan that implodes. Think of Somalia and Afghanistan. Even the world's most powerful US army was totally clueless in dealing with anarchy in both these places. In case of Pakistan, you are not just talking of a population 5 times larger than Afghanistan, but one with nuclear weapons. It would be impossible for all of world armies combined to deal with the fall out of Pakistani collapse.
Thus, any deal that would prevent Pakistan from an implosion and help them focus on their economy is a good deal for India. If their leaders focus more on their growth - building highways, roads and ports, their attention might be less on sending terrorists into India.
Also, to protect Chinese workers Pakistan would be forced to go hard on terrorism and that might prove to be useful for India too. Also, China's involvement in the Indian Ocean might be useful for both India and the US to fight Somali terrorists who might eventually be merging with ISIS.
In short, I wish for more growth in Pakistan and anything that would move their leaders away from fomenting terrorism in India.
EDIT: A clarification. I'm not saying that this project would magically remove terrorism. I'm just saying the positive aspects [a little more stability] would neutralize the negative aspects incase from the perspective of India.