I'd here want to explore the concept of composite squadrons with multiple type of integral aircraft, especially to beef up Mig 21 squadrons. 3 MKI's in a Mig 21 squadron will drastically improve the combat potential of any strike/intercept operation conducted by the mig21s.
This is not possible in any realistic sense, at any point in time, unless we have First World level revenue to fund such a scheme, but that would be a significant waste of finances.
There are a few operational arguments. When Bisons became operational, there were barely any MKIs around. And all the upcoming MKIs were needed to build up new capabilities, and this process is still ongoing. Furthermore, we still need more MKIs for Chabua, a full squadron, and now Srinagar, either a detachment or half a squadron, there's also A&N Islands. So none of the MKIs can be freed up to act as a force multiplier to the Mig-21s. You can also expect the Migs to be finished with an interception operation by the time an MKI takes to the skies.
A financial argument is, we have 6 squadrons of Migs left, and if each of them need 3 MKIs each, then we are talking about 18 jets + reserves. That is literally an entire squadron, and if you have a full squadron of jets, you'd much rather put them to use as a single squadron capable of performing more complex missions, than act as a nanny for 6 Mig squadrons. The cost of assorted MKI support infrastructure and personnel for 1 base would be much cheaper than having the same in 6 bases for only 3 MKIs each.
But a more technical argument is, due to the massive time gap between the two jets, assuming the Migs had another 15 years of life left, a much better option would be to upgrade the Mig-21 with an AESA radar that matches or outmatches the MKI's Bars radar. A small AESA radar in 2020 will easily outmatch a PESA designed in the 80s and put into production in the late 90s. So a 2020 Mig-21 with an AESA wouldn't need the help of an MKI. Case in point, we are now looking at the possibility of equipping Jaguars with the Astra/Derby BVR missiles mated to their new AESA radars, which will give Jaguar squadrons some freedom to conduct soime types of missions in some scenarios on their own. The LCA's radar should comfortably outmatch the current Bars radar, hence wouldn't need the support of MKIs.
The same arguments would more or less apply for a future force of potential LCAs and PAK FA/AMCAs. The initial numbers of PAK FA/AMCA would be too small to act as nannies and will instead be used to build new capabilities. All future inductions will be used to spread the advanced capability around our geography, which could take 10-15 years. Once we get enough numbers by 2040, the LCA will be due to get upgrades with new technologies of the time, with roughly equal detection capabilities as the PAK FA/AMCA, making any composite mix moot. And the cycle repeats.
Let's face it, the simplest argument would be to make even our lowest grade aircraft as advanced as possible, so that it can at least fulfill its primary task without problems. And right now, an LCA with a very advanced AESA radar and the I Derby ER/Meteor (or a similar class of indigenous missiles) will fulfill our interception needs for the next 15-20 years.