Creating the Mughal empire also requires you to have 100 prestige, beating the UK could very well see you bankrupt a few a times (each time costing you about 300). The best way to counter this I've found is to begin with a short war against China for war indemities (just race some cavalry to Beijing), then once you beat the UK, make sure you ask for one of the provinces in South America bordering the dutch. This way you can declare war on and quite rapidly annex them, giving about 1000 prestige. This (very cheesy) way should make it realtivly quick, Panjab has quite good military tech and the UK usually lacks a significant army in the early game. The mughal empire event won't give you any more national cultures though, so in that way it's still something of a let down.