We all want the best of equipment for our Armed forces. This is not the time of USSR when India used to buy weapons on a barter system. Those days are gone and now we need to shell out top dollars for the best of the equipment. Comparing us with Pakistan is like comparing chalk and cheese. Pakistan has either diverted funds away from its own citizens to arm itself or was dependent on freebies from the US for this arms, to defeat the Kafir's on its east. Look at that country's economy now in shambles and its PM looking for loans from anyone and everyone who can lend. You don't want to end up in such a situation. Yes, China is already knocking our doors across the Northern and Eastern border. But the deterrence that India has will stop China on its track, unless Mr. Ping Pong musters some courage to attack us.
My take is that, there are enough weapons to defend us but we definitely don't have enough to mount an offensive against China. Every fauji you talk to or hear will talk about giving China a bloody nose and no one will talk about defeating China. Our doctrine against China has always been to defend and that can be understood by the number of Strike Corps we had against China. A big fat Zero. All 3 of our Strike corps are against Pakistan and just this month we are talking about moving 1 Corps towards China. So neither China nor India wants a war but China is not going to move back and even if it does later this year, it will come back and surprise us again later.
Our forces have grown to live and fight with what they have been given. I am not advocating we should continue that way. But given the circumstances, I don't see how this will change in this decade. We need our economy to grow at 8% - 9% every year and our domestic defense industry flourish. That is the only way, we can spend 3% - 4% of our GDP on defense and be ready for an offensive against China. That said, my 2 cents is that India should reduce the size of its Army's during this decade and focus more on its Navy & Air Force.