You should not forget the technical aspect. Not all Indian tanks are T-90s or Arjuns (and even they aren't the best). Just a short time ago India has bought new ammunition for their T-72s and T-90s from Russia.
Current Russian export APFSDS has a total length below 60 cm (probably 57 cm) and a muzzle velocity of ~1,700 m/s... how do you compare this to modern ammunition from France, Germany and the U.S.?
Germany has APFSDS with a total length of 75 cm and a muzzle velocity of 1,750 m/s, French tanks use 69 cm long APFSDS with a muzzle velocity of 1,790 m/s and the U.S. Army has 89 cm long APFSDS with a muzzle velocity of only 1,555 m/s. The Arjun has an APFSDS with a length of only 48-49 cm and a muzzle velocity of only 1,650 m/s...
In WW2 better armour and ammunition were the reasons why some heavy tank units exceeded a 10:1 kill-death-ratio in Russia.
Do you think that the potency of the armies can easily be compared on sole number with already such huge differences in ammunition technology only?
India, Syria, Egypt, Turkey, Greece, North Korea etc. are on the top places, even though they only have a small number of up-to-date weapon systems (or sometimes even not a single one), but because they have much.
Indian anti-tank weapons include 84 mm and 106 mm recoilless weapons with single shaped charge warhead (penetration ~400 mm) and RPG-7s with single charge warhead (penetration ~300 mm)... is this comparable to the PzF-3IT (penetration ~900 mm + ERA) or the ERYX missile (penetration ~900 mm + ERA)? I doubt so.