India's a wild card. They have a large force, but their shit is mostly old, and their procurement system is a trainwreck.
Agreed their procurement system is a hot mess (then again, so is ours). But the Indians have been very aggressively modernizing for the last 20 years and their Air Force and Navy are pros. The quality of their stuff is certainly up for debate, but it’s not old.
They have come oh so far since then though, almost every week I see something out of there that is alarming and the train ain't stopping anytime soon. And don't forget the Indians don't have much more experience than the Chinese.
The Indians have come a long way too. And they’ve had their occasionally-hot Cold War with the Paks to keep them sharp. No, the Paks aren’t the varsity, but it’s a rivalry with a nuke-armed peer competitor right up against your border. If the Indians ever sort out their bureaucracy (somehow they managed to combine the worst parts of British and Soviet bureaucracies), they’ll be a serious power.
Anyway, if the point of this exercise is “value for the money,” I stick with India. You get a large, modern, professional military with power projection capability, which is more than you get from anyone else on the $20-and-under list.