India's Air Show Reveals an Awkward Truth About Homegrown Defense

India's Air Force put on quite a show at Pokhran on Friday, with Rafale, Mirage, and MiG-29 jets thundering across the desert sky in a display of precision and power. But there was a $140 billion question hanging in the air: Where was the Tejas?

The homegrown fighter that India spent four decades developing was conspicuously absent from the biennial exercise, raising uncomfortable questions about the country's defense independence ambitions.

The Missing Star of the Show

India's Air Force currently operates about 40 Tejas fighters—more than the 36 Rafales that cost $8.7 billion to acquire from France. Yet when it came time to showcase "operational readiness" and "combat prowess," only the foreign-made jets took center stage.

Reports suggest the entire Tejas fleet may be grounded due to technical issues, though Hindustan Aeronautics Limited (HAL) hasn't offered official confirmation. For a program that's supposed to embody India's "Atmanirbhar Bharat" (self-reliant India) policy, the optics couldn't be worse.

The Economics of Defense Independence

This isn't just about military hardware—it's about money, lots of it. India plans to spend $140 billion on defense over the next five years, with a significant chunk earmarked for indigenous development. The government wants to boost domestic defense production to 70% of total procurement.

Tata Group, Mahindra, and L&T have already pivoted into defense manufacturing, betting big on this nationalist push. International investors are watching closely, particularly those eyeing India's defense stocks.

But if the Tejas can't even show up to its own country's most important air show, what does that say about India's defense manufacturing capabilities?

Winners and Losers in the Sky

For foreign defense contractors like Dassault Aviation (Rafale's maker), Lockheed Martin, and Boeing, India's indigenous struggles represent opportunity. Every Tejas that stays grounded is potentially another foreign fighter sold.

The irony is stark: India's push for defense self-reliance may actually be driving more foreign purchases. The Air Force still needs reliable aircraft, regardless of where they're made.

Meanwhile, Indian taxpayers have already invested over $1.2 billion in the Tejas program. If the aircraft can't perform when it matters, that's a significant sunk cost in a country where defense spending competes with healthcare, education, and infrastructure needs.