If India is serious about ever becoming an actual military power, it will need to rely on indigenous manufacturing and R&D capabilities. At the minimum, India needs the ability to produce fully domestically any foreign hardware that it licenses. It may be a long and painful process, but there are no shortcuts to acquiring true military power.
Furthermore, Russian radar, avionics, networking, and electronics capabilities are non-competetive (Russia's ability to manufacture AESA radar *may* actually be behind that of India), and Europeans are also starting to fall behind in these areas. The only project of value I see for the Indians would be Su-57 with full transfer of technology and eventual 100% domestic production.