The only difference between the two is the geographical location, which determines the website latency (a.k.a. the time taken for your website to load for your clients). If your customers are in the Indian subcontinent or Asia-Pacific region, then the ideal choice is India Server Location. Alternatively, if your customers are based out of the US or nearby countries, then you should go for US Server Location instead.
Cloud Hosting harnesses the power of the cloud to provide a scalable environment to handle traffic spikes and durability to withstand server failures. In Shared Hosting, users share server resources, whereas, Cloud Hosting provides Dedicated RAM and CPU to your highly resource intensive website.