Giving India's track record, it should jointly develop the AMCA program with a foreign contractor. Otherwise, it would be another LCA time line. 30-40 year development cycle. The gov requirement would continue to change during this time and it would be another Tejas experience.
Good companies for India to work with in developing such a plane is LM or Northrup grumman. These companies has experience with stealth planes like no other. If India is willing to jointly work with them, than and if only than can India field AMCA by 2025-2030 time frame. Otherwise, forget it all and stop wasting money.