Could India's friendship with Israel completely change the balance of power in the middle east?

India is now 10th richest country in the world and likely to be 5th in the very near future. It has more gold than the UK and Germany combined. With Three aircraft carriers it has a strong Navy as well as the world's second largest army. With the Billions spent on defence in india mostly using Israeli companies- India helped Israel stay out of recession. With the vast indian ocean and Indian islands on both coasts of the indian ocean india can provide Israel with the interior dept that it lacks. India's good relations with Iran and its excellent relations with UAE and Saudi could be used as extra political clout. This combined with the economic and military strength of both nations could easily change the equation in the middle east.