The VT-4 is a little far off, and many of the Type-59s(and rumoured Type 69s as well) are going the Al-zarrar way, there are some older T-55s sitting around along with another stock of M-48s. The latter is probably in really bad shape so only the T-55s may be useful and some of the Type 69s may be siphoned off for the IFV conversion.
The issue perhaps may not be with capability, but rather budget and honesty of intent. Our R&D is a black hole of corruption and mismanagement. So I would not be too hopeful. The serbs are always willing to help and they might be very useful in this matter.
The tracked needs come into the boggy areas and those in the desert.. the M-113 will soldier on as our APC, but it cannot work out as a support vehicle the way an IFV can. The Al-Fahd IFVs shoved down our throat by our leadership in cahoots with the Saudis dont count.
The best option remains however the AIFV which the Turks can do, but we cant afford it.