No chance whatsoever. a) the Rafales (apart from the initial 18) WILL be built in India (just like P-75(I) that the DAC has cleared today). b) more importantly, there are ZERO Indian firms making equipment up to the standards of the CH-47F, AH-64E, PHALCON AWACS and A330 MRTT.
Modi is serious about "make in India" but he is not stupid, he's not about to cut off his nose to spite his face. He knows that to have a strong Indian military, India needs to buy certain equipment from abroad. That is just a reality right now, the situation may be different in a decade or so but not in the immediate future.
I have no doubt all of the above will be cleared this finical year.