What a lot of Indians do not understand is that over the long run, the Jews will be far less beneficial to India than Iran.
True the Jews are currently helping India's defence industry with technology transfer but by the start of the next decade India is likely to be self-sufficient in most of the areas that they are getting help in. Also the Whites are getting less and less important as each year passes. In 10 years time they will be far less influential that they are now. By 2030, most Asians won't think much of whites any more and won't care what they think, and so even if being friends with Jews made the whites like you a bit more it would be irrelevant anyway.
Iran on the other hand looks set to make the transition to an advanced economy within the next 10-15 years and it has huge land, agricultural, energy and huge potential market/technology that will be very useful for a country like India.
India has little to gain by taking sides with Jews over the long run. The future is with countries like Iran, Indonesia and Brazil.