There are not one but many of the most recent development in the Indian Air Force:
1. Advanced Medium Combat Aircraft (AMCA) - the design work of this aircraft has been completed by ADA. It is a twin-engined 5 generation stealth multirole fighter. It possesses the capability to fly unmanned. Its main purpose for the IAF is to give it a technological edge. It will work with HAL Tejas, the Sukhoi Su-30MKI, MWF, and the Dassault Rafale in the Indian Air Force.
2. Omni-role Combat Aircraft (ORCA) – it is basically emerging as the concept to design and develop twin-engine Omni role fighter of Rafale category. It is a variant of the IAF’s Twin Engine Deck Based Fighter (TEDBF). Its first flight is expected by 2026.
3. Medium Weight Fighter (MWF/ Tejas MK2) - HAL Tejas Mark 2, or Medium Weight Fighter is a single-engine, delta wing and multirole fighter being designed by the ADA and Hindustan Aeronautics Limited. It is going to replace multi-strike-fighters, like SEPECAT Jaguars, Dassault Mirage-2000 & MiG-29. Its features include a tail-less compound delta-wing configuration with a single vertical stabilizer and closed-coupled canards. They provide static instability to the aircraft. It also comes with fly-by-wire systems to control instability. The first prototype of the aircraft is expected by August 2022 and the first flight by 2023.