This question is problematic for a number of reasons. First, the Middle Ages was a period of history that lasted roughly 1,000 years, during which circumstances in both 'England' and the Indian subcontinent was far from static. Second, at any given time during the Middle Ages, living standards varied enormously depending on what place in society one occupied in either 'England' or the Indian subcontinent.
With a longer history of 'civilization', that is, urban centers, a highly developed economy, and complex forms of government, the upper class of India definitely enjoyed a better standard of living in comparison with their 'English' counterparts during the Early-Medieval period (roughly the 5th to the 11th century). By the 15th century the nobility of the Kingdom of England were approaching the standard of living of their counterparts in India.
As for the majority of the people in societies in both Medieval England and India, that is, peasant farmers, I would imagine that life was equally hard and unpredictable. This didn't begin to change in any significant way until the industrial revolution beginning in the late-18th century. Indeed, it was the industrial revolution that led the standard of living to skyrocket past that enjoyed in non-industrial portions of the world.