India has growing ambitions

Yes, as a function of the fact that it's expected to be highly populated, bigger economy than the US by 2050, which is also around the time my kids will be having their own kids. I don't want them to live in fear of Pakistan hulking out and blowing up shit.

and wants to project more power into the region

Yes. Big deal. Think long term, prepare for the worst and hope for the best. Keeping the airspace over India secure and critical installations in India secure isn't a bad thing, but somehow you're making it out to be. This is all a long-term investment. It's not an investment for the next 2 years only. It's something that'll last for the next 20-30 years (I don't know the life cycle of ballistic missiles). So its definitely not a bad thing.

That's why it only looks

Wut? India spends on military, but not enough, with a focus on long term investments instead of stop-gap bandaid fixes. That's a bad thing? You were the one who said "inefficient spending".

child malnutrition rate is higher than sub-Saharan Africa

Yes, we're working on it at the same time we're working on acquiring missiles and building roads and building power plants and building malls and supplying electricity to the Indian railways while maintaining the tracks. See? Magic! That's how government works. All these things are happening together, right now, even as you read this.

wasting cash

Not even kind of. It would be a waste if India were sitting where Chile is now and doing it. Don't kid yourself. Pakista, India and China have no love lost for each other.

ego-trip

No. What? Are you saying this is for bragging rights? Bruh, India's foreign policy and military strategy has been to go it alone and do it alone from time immemorial, with occasional Russian/French/Israeli help. Nothing about a missile system developed on its own suggests bragging rights. To who? Other countries that have done it on their own? Or countries in the vicinity who don't care? Realpolitik don't work like schoolyards dude.

luxury

No, it's a necessity.

third world country like India can afford

It can and will continue to be able to afford it until it can't.

When would you suggest India develop self-defense capabilities? Did you see the links I posted? Shit's expensive outside, India anyway needs an indigenous industry, that industry employs people...none of that got through?