Chinese tanks are even cheaper than that, Maybe India should try for those?
Sarcasm aside, their latest export tank, VT-4, is actually very good.
What separates it from the T-90 is the new 1500HP engine along with an automatic transmission. And a gun with a new autoloader that does not have the Indian T-90's deficiencies in terms of carrying longer rods. It basically sits between the T-90S and T-90MS. But it's more expensive than the T-90S.
Against the Arjun Mk1, pretty much everything on the VT-4 is better. Against the Arjun Mk1A, the VT-4 is inferior. But the Arjun Mk1A is more expensive.