India hasn't been a defence exporter for long "due to export restrictions on the manufacturing companies" [1]. That gives it the same reliability issues as the U.S.
Europe should absolutely look to New Delhi for its defence needs. But it should be careful not to become reliant on them. (The obvious bet is Ukraine.)
[1] https://en.wikipedia.org/wiki/Defence_industry_of_India#Arms...
Why would india stop if EU themselves are still heavily dependent on russian fossil fuels.