Not really just the current Govt is cutting out some of the red tape and acting more decisively in some ways, those used to the previous govt's sloth like pace may see this as a "buying spree" but in reality it is simply the system working for once. Another 10 years of this govt in office should address all of the so-called "gaps" and streamline the entire procurement system.
That said, there is no "arms race" both India and China have bigger issues to deal with and both spend under 2% of GDP on defence- which is how it should be. The Uplift of 100s of millions of people is more important.
As an aside,
India buying Apaches does actually help its domestic industry, from 2018 all Apache fuselages will be made in India:
http://www.defenseworld.net/news/16..._Fuselage_Manufacturing_To_India#.WZbWBIpJnGE