Race in my understanding implies striving to better your opponent.
Perhaps you arms race is not the correct phrase for what you mean.
Not exactly.. and yes. The race is there for arms.. but for wholly different goals when it comes to bettering your opponent.
For India it is already there but now the race is to better its ability to achieve its objectives in a conflict with Pakistan...with minimum losses and in minimum time.
For Pakistan it means to maximise India's losses and delay or subvert India's ability to achieve its objectives within a conflict.
So it still is an Arms race.. just that the track and finish line(if there is such a thing) for each is different.