Work on INS Vishal will begin in late 2016/early 2017 with a targetted date for sea trails in 2023/4. 7 or so years to build a 65,000 ton carrier is not even remotely ambitious for a ship-building industry at the level of maturity as India's. That said, if the INS Vishal is tobe nuclear powered this may add time to construction and so may stratch to 8-9 years for the first of class vessel- all follow on ships of the class will have contracted build times.
So a 40 K Ton Vikrant takes 10 Years, But a 65-75 K Ton who's design is not yet ready will take 7 years ?
You should know that the design of Vikrat started in 1999. The keel laying in 2008 and delivery in 2018.
What does that tell you ? That Vishal will be ready in 7 years ?
Indian Navy started looking for P3 in 2004, was offered P-8I in 2007 and decision taken in 2009. That is 5 years from decision to purchase to actually placing an order.
Compare that with EMALS. The EMALS negotiations will itself take 3-5 years. Once that is done the AC will have to be designed along with the new Power, Space, etc requirement. When will that start ? 2019 ? 2020 ? the design itself will take 2-3 years to be complete, verified and approved. Then keel laying and then at least 10 years to complete.
Add all that up and what do you get ?
As far as actual fleet and committed budget is concerned, right now INS Vikramaditya is part of fleet, IAC 1 (INS Vikrant) will join sometime in 2018-19 and funding is cleared for a 65-70,000 Ton IAC 2 (INS Vishal), which is a flat deck AC.
Simultaneously INS Viraat is slated to be retired in a couple of years from now. So by 2025-30 IN should have 3 ACs for sure. Beyond that will depend on funding.
You are mistaken, the Program Funding has been cleared. Not the funding for the Actual AC, that will happen much later.