I doubt it makes sense to invest in what is essentially a 70s guidance technology. Though given how DRDO works, it may just do it and you may get your wish. Look at evolution of Tomohawk (ground attack variants, leaving anti ship variants for obvious reason).
The Tomahawk is an intermediate-range, subsonic cruise missile that is launched from U.S. Navy ships and submarines. It provides a long-range, deep strike capability. The Tomahawk can carry either conventional or nuclear payloads, though policy decisions have phased out their nuclear role...
missilethreat.csis.org
1970s-80s
Block I (BGM-109G, TALN) and Block II ()
INS + TERCOM
1980-early 90
Block III
Uses GPS based navigation and removes time wasted in programming TERCOM (80 hours to 1 hour).
You can estimate altitude using GPS. Basic maths in GPS calculation is triangulation using timing of the signal recieved from many different sources ie satellites. If you assume an ellipsoid shape of earth, you can estimate height as well. That being said, aerospace industry has typically used barometer based altitude measurements., AFAIK. The reason is because aerospace industry or airlines are more worried about relative separation of aeroplanes in same region, even though pressure can differ from day to day. So barometric altimeter provide an excellent measurement of relative altitude. Lastly, radar altimeter (which are also used in TERCOM based naviation systems) also provide a very accurate measurement of altitude. I am not 100% sure in cruise missile which of the above method are used. Likely they use more than one.
What's 'GPS altitude' and what's 'barometric altitude'? And what's the difference? And does it matter? This article explains all you need to know about the 'barometric versus GPS altitude' issue<
xcmag.com