Welcome to the Allies, India! It's not really news at all (been in the works for a long time), but it's certainly widely known now!
Umm,This a step in the right direction,but the PAC-2 is well,not exactly hot!!For one India already operates a handful of Russian S-300 SAM systems,which defend the Bhabha Atomic research centre in Mumbai & the capital,New Delhi.The S-300 is rated to be onpar with the PAC-2,so I don't really see any rationale in buying that variant,unless India also wants the Israeli Arrow(for which American permission is need).The PAC-3 is a whole different ballgame & it remains to be seen whether the US is willing to hawk that to Delhi.About China & Pakistan not having anything like this,that's just journalistic excitement.For one the PAC-2 cannot be called a dedicated ATBM in any sense & 2 Pakistan has also been angling for the PAC-2(so if India buys it,I don't see Islamabad being far behind).China already operates several batteries of the S-300 & are already looking at it's next generation,the S-400 Triumf.