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There are way more informed members on this thread, I'd let them come up with a more exhaustive list. I'd state just one advantage.what is the difference in mounting that Yahudi radar on C-295 vs our mounting it on IL-76, does a large plane bring any advantages?
Of all the planes in IAF inventory that are actively used, Il-76s have kind of comically severe spare parts issue. Not a big deal for transport as C-17s are already there to complement them...but a big deal because all our aerial refueler and large AWACS are Il-76s.
So one advantage that C-295 would definitely bring is the fact that we've a full fledged assembly line here in India.