I don't know, I think India is ranked #4 militarily.
There should also be criteria for "short burst" militaries ("sprinters") vs. "long haul" militaries ("marathon runners").
India, North Korea and Israel all have "sprinter" militaries. Because of either old weapons or high tech, but imported, weapons, they must defeat the opponent very quickly before logistics, maintainence and spare part shortages catch up to them. They usually have more "bang for the buck" but the problem is once each "bang" is used, it will never come back.
China, Russia and USA in 1940's-1980's have "marathon" militaries due to being able to manufacture every important system independently. While it takes a while for their war machines to get fully mobilized, once fully mobilized they can turn out tanks, aircraft, ships, missiles, etc. like bicycles. Against weak enemies, they can crush them fast just like "sprinters" but against other strong enemies, they can go for the long haul and fight wars of logistics and attrition.
USA after 1980's is in a league of its own. Its a sprinting marathon runner.