Friendship with Israel is very much possible under the current regime. Morally, politically, and economically it would be very much nothing short of suicide. India's recognition of Israel has been violently protested by the muslim community. And Bangladesh never walked the opposite direction, but it was due to intense pressure from the OIC. A huge chunk of the the country's economy depends on Middle Eastern countries, which will strongly create pressure not to take any such action. Politically it will give an upper hand to any party in the opposition and violent reaction from the jamaati community. And, morally, it is an illegal state, but that is still excusable as many countries have been found on great injustice.