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Yes. India can build the Rafales locally. But not with HAL because cost of production is way too high to be considered.HAL’s may not be able to make the Rafales at the costs agreed by the French to the GOI. Even after manufacturing SU-30MKI Fighters by HAL in all these years, their per Aircraft cost is higher than Russian made SU-30. The estimation cost given by HAL for producing Rafales was way more that what it would cost GOI to import from France directly.Dassault has tied up with Reliance for manufacturing the Rafales locally in India. They have setup a joint company for manufacturing the fighters in India called Dassault Reliance Aerospace Limited (DRAL). Plant to be setup at Nagpur. But considering the financial status of Reliance (Anil’s), there is serious doubts whether Dassault can go ahead with this plan.I think Dassault will have to look to some other partner to start manufacturing in India . May be companies like Tata’s or L&T or Conglomerate of many companies which might include even HAL. HAL can become principal integrator of the final product and many different companies manufacturing different components. Same is followed in case of Europe's Typhoon fighters.

Ten areas where India has built capabilities after independence and reached “Top 10 in the world”1. Most Industries2nd largest in Cement production3rd largest in Steel production5th largest in Automobile manufacturing10th largest in Pharmaceutical exportshttp://worldknowing.com/top-10-largest-cement-producing-countries-in-the-world/http://www.worldatlas.com/articles/the-top-10-steel-producing-countries-in-the-world.htmlhttps://en.wikipedia.org/wiki/List_of_countries_by_motor_vehicle_productionhttps://en.wikipedia.org/wiki/List_of_countries_by_pharmaceutical_exports2. Agriculture2nd largest producer of rice and wheatlargest producer of MilkTop 5 in most vegetables, fruits and spiceshttps://en.wikipedia.org/wiki/List_of_largest_producing_countries_of_agricultural_commodities3. Research Scholars4th highest number of PhD graduates every year4. Number of super rich people in country4th largest in number of dollar Billionaires7th largest in number of dollar Millionaireshttps://en.wikipedia.org/wiki/List_of_countries_by_the_number_of_billionaireshttp://www.moneylush.com/list-of-countries-with-the-most-billionaires/5. Foreign RemittancesWorld’s largest receiver of remittances from citizens living abroad6. Railways Network4th largest Railway network in the worldcarries 8 billion passengers every year (highest in the world)1.01 billion tons of freight every year (fifth highest in the world)Only four other countries in the world (China, USA, Australia and Russia) have the capability to carry one billion tons of freight annuallyhttp://www.railway-technology.com/features/featurethe-worlds-longest-railway-networks-4180878/https://en.wikipedia.org/wiki/List_of_countries_by_rail_transport_network_size7. Movie IndustryWorld’s largest by the number of films produced per year (2011 data)4th largest by box office revenue per year (2016 data)https://en.wikipedia.org/wiki/Film_industry8. Users of Internet and Smart Phones2nd largest in number of internet users2nd largest in number of smart phone usershttp://www.internetworldstats.com/top20.htmhttp://www.techtimes.com/articles/130392/20160204/india-is-now-second-largest-smartphone-market-in-the-world.htmhttp://www.thehindu.com/news/cities/mumbai/business/with-220mn-users-india-is-now-worlds-secondbiggest-smartphone-market/article8186543.ece9. Size and Strength of Armed Forces3rd largest Army by Size4th most powerful in the world as ranked by Global Firepower Index (GFP)http://www.worldatlas.com/articles/29-largest-armies-in-the-world.htmlhttp://www.globalfirepower.com/countries-listing.asp10. Overall Economy (GDP nominal)7th largest economy in the world as per World Bank and UN data in 20156th largest as per IMF estimates for 2017https://en.wikipedia.org/wiki/List_of_countries_by_GDP_(nominal)

Here’s how a barrel of oil is used today:Automobiles use the gasoline, almost exclusively. So, oil companies would lose half their market without automobiles.But wait! “Since the 2017 estimates for worldwide gross domestic product range between $75 trillion and $87.5 trillion, the oil and gas drilling sector currently makes up something between 2% and 3% of the global economy.”So globally the oil and gas producers would shrink from 75 trillion to only 37 trillion dollars. That’s still pretty big money… for jet fuel for aircraft, diesel for trucks and machinery, and other oil products and petrochemical products,I think even at with $37 trillion in sales they’ll still be big businesses. Proven reserves will last twice as long so exploration budgets and costs can be slashed to near nothing.