The proposed NGC will outgun the Talwar class frigates as well. NGCs will offer better bang-per-buck than the Talwar. Yet we are getting 10 of the Talwars & just 7-8 of the NGCs. It doesn't make sense.
Also, why is this ship classified as a corvette? Its outgunning our frigates.
Talwar has all the characteristics of a frigate. NGC's final form is still unknown. It depends on whether the ship will come only with VL-SRSAM or will include Barak 8. With the former, it will be a corvette. Of course, core capabilities may exceed the Talwar class, but Talwar is over 25 years old tech.
Similarly, the Russian Gorshkov class is considered a frigate, but significantly surpasses the armament of our P-15B. The first few ships have 16 cells for heavy weapons, the next 2 or so will have 24 and will be raised to 32. A follow-on modernisation will have the same DWT as the P-15B and will carry 48-64 cells for Brahmos-class missiles. So these things don't go by fixed definitions.
Our P-15 class ships are merely based on 25-30 year designs. So it's not surprising that newer ship designs far surpass it and Talwar, even if the ships are of the same DWT.
Anyway, by classifying the ships as corvettes only means the IN can buy frigate class ships under the corvette designation and enhance their capabilities using semantics. The IN is currently sanctioned 15 destroyers, 24 frigates and 35 corvettes. And of the frigates, the Shivaliks and Nilgiris are similar in capability to destroyers. So having a few corvettes similar in capability to frigates is not surprising. There will be some differences though, which are typically mission-specific.
As for numbers, it depends on the size of the budget and the ability of the shipyards to deliver both numbers and in time. Buying more ships without the building capacity would result in the induction of outdated ships, necessecitating immediate upgrades, like what we are doing with Scorpene. But the IN can always buy a A and a B model later on. You see that with both P-15 and P-17.