Spending 8-10% gdp on defence is how a country goes bankrupt. The pakis spend around that much on their defence. Look at their state now. Su-30 MKI fighter fleet should be maintained at its current numbers. While it is a supremely aerodynamic plane, it's massive RCS means that it will become outdated in the 2040s and hopefully we can replace them with our own stealth heavy fighters.
I believe that the best course of action is to keep defence spending at just over 2% of our gdp. It means that the spending with grow as our economy grows. So, if we have an economy of 5 trillion dollars in 2027, the budget will be 100+ billion dollars, if the economy is 10 trillion dollars in 2034, we'll have 200+ billion dollars, etc. I agree on everything else.