This isn't the world gone mad, it's competition.
Kingfisher and other Indian airlines see a market that until now has been served by the Gulf based airlines. With a virtual monoploy and the Yield Improvement Committee GF/QR/EK have been fleecing the traveller for years on routes to Europe from India.
IIRC QR ordered it's A380s to serve the Europe - Doha tourism route with onward connections to India. However if Kingfisher are aiming at the same market with lower prices QR are in a precarious position.
EK and to a lesser extent GF will continue to get business flyers, and at least GF haven't ordered any new aircraft, so they should be OK.