I love India, have been several times, although only been to North India. If you’re worried about poverty then you will find it very difficult to shield your children from it, and in my experience you being a western family will be more likely to attract attention from children begging for money. It can be very full on, particularly for children, I have been hit by balloons and had my clothes pulled to get my attention (by children little older than toddlers). However, many children live rounded lives in India having grown up alongside poverty, so it could be used as a learning experience for your children.
Make sure you have great travel insurance, take any guidance/advice from police/security even if you think you’re being ripped off (it’s easier to agree than argue). I’ve never been ill (touch wood) despite having eaten street food etc. make sure to wash your hands before/after every meal.
Often when travelling around the toilets are not to the same standard you would expect in the U.K. - carry tissues/hand gel/wipes etc.
Pre-pandemic there was no concept of personal space. You will be given allowances because of kids, but don’t expect to have a lot of space when walking around etc. People will be crossing your path etc. Very close, touching you to get past etc.
Tourist visas are not open, and there is no timetabled date for reopening, although it is likely to be pre-July I think.
Also logistically, the roads/pavements will not really be suitable for buggies etc. in my view outside of malls/tourist sites, so think about walking/baby carriers etc. or many taxis.
Uber is fab for getting around, although many drivers will have limited English. Hotel cars are also a good option and cheap by U.K. standards. Official guides etc. Booked through hotels are best for tourist sites such as Taj Mahal, as going alone you will attract attention from guides on the walk in, and they can be very persistent, which would be potentially unnerving for kids.
Depending on where you’re planning on going, look carefully at the average temperatures - north India is above 40 degrees for many days between March and June until the torrential rain comes, dropping only slightly at night, neither would be pleasant with young kids.
Not trying to be negative, I absolutely love India and will be travelling as soon as the visa situation improves, but there are some considerations if your young children are sensitive to poverty/easily scared.