I think India will be interested in enhanced radar and spectra capabilities, IFF 5/S, maybe in meteor integration also.
IFF 5/S is mainly an improvement for the interoperability with NATO forces and just like Link 16 won't have a big importance for India. When you compare the F3R and what the UAE might get to Rafale, you can clearly see which upgrades (that both are actually aimed on a similar timeframe) will create much more interest to IAF.
(* => interesting for India)
F3-R upgrade:
- Meteor + radar enhancements *
- improved SPECTRA*
- improved air-to-ground fire control*
- PDL-NG targeting pod (depends on LDP decision for M2K UPG)
[- low collateral damage weapon] (interest will depend on weapon selection, AASM 125 would not be that interesting for sure)
- IFF Mode 5/S (aimed on NATO operations)
- improved Link16 (aimed on NATO operations)
- improved capabilities for RECO-NG pod (IAF is more likely to keep using available fighters, or add LCA for this role, next to more UAVs)
- new refueling pod (not needed by IAF)
Possible UAE upgrades:
- radar enhancements (longer range, more A2G modes)*
- SPECTRA enhancements*
- integrations of heavy strike configs with 2 or 3 x 2000lb LGBs or cruise missiles* (definitely a point, for strike mission on the eastern front!)
- integration of HMS* (MMRCA requirement!)
- integration of SLAM-ER missile* (IAF rejected Exocet in favour for Harpoon in Jag upgrade and SLAM-ER would just increase the advantages over Exocet again)
- integration of AL-Tariq PGM* (the recent decision of UAE to add it to M2K-9, makes it clear that they would use it instead of AASM in a Rafale too. It's longer range capabilities and most likely a lower cost, makes it attractive too)
- M88 engine enhancements (not needed, but wouldn't mind it)
- opening of external wingstations (if the UAE funds it, why not)
- integration of Sniper pod (would be at least a cheaper and more capable alternative to current Damocles)
So by all means, the F3R has not that much effect on India, like the UAE upgrades might have.