Lovely, here's my analysis of this situation:
1) Logic suggests that if India does become America's Israel in Asia(so to speak), it will ultimately lead to a strain in Russo-Indian relations.
2) Russia will obviously try and find a regional counterweight, China and Pakistan make ideal ones.
3) Russia still enjoys considerable influence with the CARs, which means that India's reach to the power corridor may be limited.
4) Losing Russia, India will be regionally isolated which does not make for an ideal setting even if you are "Dollarized".
5) As a result, either nothing happens but a tough stand-off followed by diplomacy, or a war occurs.
6) It will lead to another Cold War, this time the Warsaw Pact Countries will be replaced by the SCO !
My two cents.