The F-16 is a contender because of the advanced electronics it offers, but it is 30 years old and all the others beat it on one metric or another.
In sheer airframe specs, the MiG is superior hands down. But its electronics and support are subpar. Better than the competition India would face, but not in US or EU range. They try to patch that by subcontracting some of the ECM to Italy, but is a patch.
I expect them to buy the MiGs. Diplo-strategically they should buy the Eurofighter, but they have said that isn't their main concern.
It will be interesting to see if India buys strictly on "merit."
It is the most political and caste like of all the democracies in the world, where family and class connections dictate purchases.
If the Brahamans have the caste Mig connections, then it will be a Mig purchase, regardless of "merit."
ut perhaps they will luck out, decide on a genuine defence strategy, and by a fighter that is the best fit.
The Mig is a poor fit. It is also a loss of future functional superiority over potential enemies who will have the Mig, and their suppliers will be able to play them off against each other, in terms of advanced upgrades and weapons upgrades.
Often its not the just the fighter that matters, but all the manipulation that comes with its future.
THe Iranians and Pakis have more future economic resources to trade with the Russians, and so that will put India at a futrure disadvantage in terms of superiority of its flight hardware, unless they plan to do their own evolution.
It will be interesting to see who wins this bid.