Energon
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One also has to account for the fact that given similar air capabilities for two opposing sides, the deciding battles may end up being reduced to land based combat.
There was an interesting account I read a while back that talked about where future air warfare was heading if two opposing sides had comparable ECM's, AWACS, BVRAMM's etc. The argument made was that in a situation like that, with each side able to counter the others EW capabilities, Air Combat may end up getting reduced to "dog fights" and short range missiles. I'll see if I can find it again.
The IAF seems to be amidst a massive upgradation program to become network centric (I'm guessing on the Israeli model). I don't think they'll ever achieve operational parity with the USAF given the sheer numbers and variety of assets the latter has. Nonetheless, if the IAF does manage to modernize and integrate it's limited land, sea, air and space assets, it will radically change the entire nature of how the Indian armed forces would fight conventional wars.
If this is to be the case, IMO there is still far too much of an unwarranted reliance upon MBTs. The T-90s are a decent platform, but eventually the IA will have to look into other faster and more agile options.