IAF's transport, tanker and AWAC fleet in its current state is not upto the mark. In it's current state, we can easily tackle the PAF but against PLAAF, we won't have it easy, let alone PLAAF + PAF together combined.
In transport fleet, the main work horses are C-17, C-130, il-76s. Currently we operate 11 C-17s, 17 il-76s, 12 C-130s. I still wish that we would have ordered additional C-17s because the C-17s have proven time and again to be the better option against the Russian il-76 because of better carrying capacity, better range, better availability and cheaper per hour flying costs and cheaper maintenance.
Instead of 11 C-17s, we should have maintained a fleet of at least 15-20, or even 25 C-17s. The same is with the C-130 too. In Joint Operations between the Airforce and Army, the C-130s prove to be very important assets. If any additional procurement of C-17s were possible then it would ease the stress on the Ilyushin fleet and we possibly might retire some of the Il-76s too because it's simply not worth having so many when you a C-17 can offer almost 50% more performance than the il-76.
Our AWAC fleet is also lacking. We have just 6 AWACS in operational service ready to be deployed. 3 Netra Mk-1 and 3 Israeli Phalcon AWACS. I think DRDO and IAF is currently working on development of a next generation Netra Mk-2 which will be mounted on an Airbus aircraft body and 6 such aircraft will be procured so 6 AWACS currently in service + six more AWACS in the coming years will increase our fleet to 12 AWACs which is a good number.
Still I feel like the C-17s were a lost opportunity, and we could have procured more albeit had we placed an order for more, and before the production line closed but yeah, that is the competency of the Indian defence establishment.