India is much richer than either, and has a far more modern and effective air force. Including many MiG-29s, already. (In fact India’s air force is about as capable as China’s, and light years ahead of Pakistan’s). I don’t see the MiG as a poor fit at all. But it isn’t as superior to Pakistani planes in electronic warfare terms, as the latest European or US equipment.
I believe that India is making this a "merit" contest so that it can mollify the Sovietskis.
Anyhoo, thats my guess.
They will take US hardware of a Eurofighter.
I favor the Gripen, but India would need to beef up its airborn refuling capacity.
We also , as many forget, live in a nuclear age, with enemies who will use their nukes sooner or later. For those nations who have a centralized deployment, just a few nukes will destroy their airforce, or even a few hundred conventional cruise missiles, properly placed. The Gripen is the only modern fighter which can thrive under conditions of remote deployment, a lesson that has to be relearned in almost every war fought.