Well I look foreward to it!
But I think the airlift situation should look pretty acceptable come 2020-22. Another 6 C-17s are,IMHO, a. It assured. So the question is how many will the IAF to for eventually? I've heard estimates up to 22-25 C-17 units in all for the IAF but we will have to wait and see. Then there's the C-130J-30s, crucially the follow-on order for 6 will be based at Panagargh AFS in West Bengal (where the IA's new Mountain Strike Corp's HQ will also be). Incidentally the IAF has also said their 6 A330 MRTTs will also be based in the East. The Avro relacment and MTA will also be coming in by ~2019/20 and I'm sure the IAF will deploy them accordingly.
Coming to the rotary-wing fleet. The IAF has on order 159 Mi-17V5s as well as both the IA and IAF likely to have a combined fleet of 200-300 ALH by the start of the next decade. HAL's LUH will be up and running by 2015/16 so there will be ~400 of these on order by 2020. We then come to heavy lift. The CH-47F wi be ordered this fiscal so deliveries starting in ~2016/17 AFAIK there is a clause for a further 15 units and one wouldn't rule out orders in excess of 30-45 by 2020.
The situation isn't so bleak