Even if they were offered the F-22, it would be a horrible choice for India. They need to be able to shoot down Paki F-16s and Chinese SU-30s. They can get what they need for a much lower cost than the F-22.
I assume that the F-35 is off the table because it can’t fill an immediate need, Indo-American relations are not yet considered strong enough for that level of tech transfer, and the Pakis would have a major cow.
Lockheed Martin calls the F-16 the bridge to the F-35 and has already made presentations to the Indian military-but u’r right, it would take a leap of faith.
http://www.domain-b.com/aero/mil_avi/mil_aircraft/20090205_lockheed.html