The highlight of this year's event will be the re-constituted Surya Kiran Aerobatic Team (SKAT) which will be showcased for the first time.
The squadron was disbanded four years ago due to shortage of aircraft. It used to fly ageing Kiran trainers at the time but now has shifted to British-designed Hawk Advanced Jet Trainers.
Sky divers of the Akash Ganga aerobatic squadron will be a prominent feature of the event.
This morning, Prime Minister Narendra Modi tweeted:
I salute our air force personnel on Air Force Day. They have always served India with great courage & determination. pic.twitter.com/S0Wr3nySYa- Narendra Modi (@narendramodi) October 8, 2015
The event began with a fly past of three Mi-17 V5 helicopters with ensign of the Air Force in a "vic" or V-shaped formation at the air base in Ghaziabad in Uttar Pradesh.
The parade will see Hercules formation comprising three C-130J aircraft in the same formation.
The fighter fly past will be led by three Jaguars in Vic formation, closely followed by three Bisons in Vic formation, followed by SU-30 aircraft.
Next will be the C-17 aircraft flanked by two SU-30 aircraft.
The grand finale will see Sarang Helicopter team performing their famous air display.