Israel's economy is strong. There would have to be cutbacks to military RND, to be sure, but Israel could keep functioning on its own. The real threat is a global embargo led by the EU and a left-wing US government, which could lead to severe military escalation.
This.
India seems a more likely patron.
I think the real answer though, is that they taken over the Palestinians.
No, India is extremely unlikely (as is Russia, mind you). While the two countries have a good economic relation, India is nowhere near advanced enough to serve this role. In fact, Israel has been a major contributor of technology and training to the Indian military.
