Doesn't make sense for us. China has a strong local industrial base with a highly sophisticated indigenous defense production mechanism.
Its defence industry is able to churn out indigenous fighters, tanks, submarines, AWACs, frigates, corvettes, destroyers and what not. On the other hand our indigenous defence production is absolutely minimal. Despite the lies that we are 50% indigenous, we are not.
Even if under the new government we get the platforms in limbo approved and active, we are still miles behind in being able to churn out billions worth of goods. Currently Chinese defence expenditure is spend indigenously while we have to import a significant part of it.
Hiking defence budget at this point out of the normal would be pointless.
First priority of the new government post elections, will be to strengthen indigenous defence production mechanism through developing strong and robust checks in quality service standards, and to ease the process of bureaucracy. The government will have to halve the paperwork, the number of hands a file is transferred to as well as the number of approval committees that are there at every place.
Then, they will have to do something about the PSUs to get them to start working for once, especially those on top issuing orders and delaying defence projects.
Once that is done, it will take at least 5 years before we can spike our defence budget by anything more than 10% so that our indigenous industry gets benefitted.