I can see India considering purchasing a small number of V-22s for VIP use, even though the V-22 will cost at least 3X what a Mi-17V-5 does. A V-22 VIP fleet would give some prestige to the Indian government agency responsible for transporting domestic and foreign dignitaries. The V-22 also has significantly greater range and speed than the Mi-17V-5, and provides a more comfortable ride, which are important considerations for VIP transport.
One other thing to consider is that India would gain technical knowledge of tiltrotor aircraft from operating their own fleet of V-22s. This type of technical knowledge would be very valuable to the Indian aerospace sector.