Uh well, I asked the same question yesterday.
MiG 21’s are due to be phased out of service this year. India had signed a deal with France for Dassault Rafale, but the deal stumbled coz opposition party accused the government of misappropriation. Things are a bit clear now and the deal may go through soon, and delivery may take around 2 years, but’s that’s what it is.
India has also signed a deal with Lockheed to produce F16’s indigenously. That may also take a while.
That’s the grim situation here. Our Air Force needs to upgrade the fleet.
Apart from all this, we have created our own Tejas, which is a Light Combat Aircraft, But it will not see action anytime soon.
I personally believe Dassault Rafale can take down F16 Fighting Falcon in a dogfight. What do you think?