To be honest, I would be licking my chops as an Axis player if UK placed an IC in India.
Even with this strategy, I have never seen the UK hold India past round 3. To do so would require a huge IPC commitment, and would undermine the more important objective of securing the Atlantic and amassing a force to take Norway. Furthermore, the placement of an IC just makes India a more appealing target for the Japs. India will fall, and, with another Japanese IC purchase for the mainland, Japan can then place 6 tanks per turn directly into Asia, 3 of which would be right on the Caucasus’ doorstep.
I find a better strategy is to all but abandon India and reinforce Egypt. With some help from the Russians to deter a G1 amphibious assault of Egypt, the UK can have 4 infantry, 1 tank and 2 fighters (or 3 if you want to add a Russian fighter) on Egypt on the first turn. You can also move the UK Indian fleet into the med. On US1 you can mount the amphibious assault on Algeria, knowing that Germany is unlikely to counterattack given the superior UK force on their other side. While you have lost India, you have secured Africa and established an American beachhead in the European theatre all in the first round. This all but ensures an Allied financial advantaged throughout the game and also gives the Americans a shot at Europe before Japan does.