Couple of points here
1) This "deal" has been "cleared" about 8 times over the last 10 years if Google is anything to go by, so lets wait and see.
2) They are ordering the same type (upgraded) of kit that they ordered 20 years ago on the same old platform. AEW has moved on since than.
3) $1 Billion per platform is insane, PAF purchased 3 kits of Erieye for $158 million, purchased planes seperately and got essentially a new AEW platform for $70 million per plane. Even if you take into account difference between Swedish and Israeli radars this price is insane, especially considering India has operated a large IL-76 fleet for years so training, infrastrcuture, spares etc is already in place
4) It is still nowhere near enough to cover both fronts and is too little too late, especially now they may actually need 24/7 coverage of LAC. Including NETA even when delivered they will only have 7 AEW. They will need at least 5 to ensure one airborne at LAC constantly. Leaves very little for other areas such as Pak border and East.
5) Choosing IL-76 for new Phalcon is a big mistake. Newer platform that will be around for longer and is more efficient would give them more time in the air. There is a reason most countries have gone with twin engined commercial airliners. Easy to maintain, quick turn around times and easy spares available commericially. The IL-76 is notoriuosly maintenence heavy and spares will require Russian levels of service.
All in all a very efficient way of wasting $2 Billion very quickly. With that money you could of either purchased 8 more NETAs and give yourself a great force of 13 planes and semi decent coverage across all of India and at the same time spent the money developing Indian defence industry. Also a big follow on order for NETA would have given potential foreign buyers such as Myanmar, Sri Lanka, Vietnam, Malaysia confidence. Fact IAF did not speaks volumes.