p2prada
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Rafale's production line is busy as of today for 180 units and this will go on until 2018, including M.Meaning it will be finished a lot sooner since only ~60 are planned for the French Navy. By the time India gets around to holding an IAC II fighter competition (say, 2020), the F-35C will likely be the only competitor in mass production. Rafale M might still be a possibility, but India would have to pay top-dollar for a low-volume product that's middle-aged.
New orders will be placed in a few years for another 100+ units and production will continue on for another decade after that.
This is apart from India's orders for 126 and a highly likely UAE's order for 60. Rafale M will be in production well after IAF receives all 126 aircraft.
IN tender will most likely be released after 2015, maybe more, with at least 5 years before a contract is signed. Since we don't really have the money for current projects and the IN isn't placing carriers on top of the priority list.
The IN tender is the only chance for the F-35 to see service in India.