I won't speculate on specific designs - there'd be some domestic stuff that doesn't exist historically, and some collaborative stuff that also doesn't exist historically.
We'll assume a couple things:
A) Borders are the same as 1932, except Asir is on its own
B) Same basic operational notion: control the Indian Ocean, deny it to bad guys
C) Increasing cost means India's limited to SCS/CVH/Through-deck-cruiser type carriers
So, we'd see operating off the mainland and larger island/atoll bases:
-A long ranged, four-engined ASW/maritime patrol aircraft akin to the P-3. Useful payload with 4-8 torpedoes and a couple of anti-ship missiles. Slowish, but with a long cruising time.
-An AEW version of the same, internal ordnance swapped for the radar and operators, external ordnance perhaps replaced by a couple of decoys.
-A long-ranged heavy strike aircraft capable of reaching out to any of the entrances to the Indian Ocean and dumping a couple dozen tonnes of ordnance on things. I don't know whether I'd want a B-52 type or a Backfire type aircraft, or whether the ASuW load would be lots of small missiles (~Harpoons) or a few big missiles (~big frickin' Russian monsters). Depends on who and what is on the receiving end. A couple hundred of these pointed at the Persian Gulf could make oil prices interesting.
-A version of the same configured for a long-range interceptor role. Change the radar, modify the crew composition and gear, and swap the ASMs for a couple dozen long-range air-to-air missiles
-Large airborne tanker for use in conjunction with the above
Operating off smaller/forward bases, smallish Indian carriers, and other ships would be:
-STOL or VSTOL fighter-bomber, twin-engined with two crew. Nothing too fancy - F-18-ish capability for air defence or strike missions.
-A tilt-rotor or helo optimized for ASW use but with a secondary ASuW function.
-An AEW version of the same
-UAV with limited ASuW capability via ATGMs or small SSMs could be useful for ships tasked with anti-piracy, blockade, or escort missions.
-Perhaps a UAV capable of dropping sonobuoys and/or carrying a magnetic anomaly detector, for work in conjunction with a ship carrying stand-off ASW weapons. Even better would be a single UAV capable of swapping out Recce, ASuW and ASW kits depending on the task at hand.