I’d still kill the US fleet and the British Fleet if they hung around India on J1. Then, I’d probably try and move as many units into French Indochina during non-combat for an attack on J2. I don’t think you can ignore the IC in India past J2.
I like to wait until I have plenty of units in place… but sometimes you have to take risks.
Also, I sometimes buy an IC on J1 and place it in French IndoChina to go after India. It also depends on if Germany is trying to rob UK of IPCs or not. If so, I support that strategy by trying to take India and using it as a backdoor into Moscow.