Yep. 39.5 squadrons were sanctioned, later raised to 42. We are very likely to see 45.
The IAF wanted 60 squadrons for the entire subcontinent. I believe this also considered the US as a threat from the sea at the time, so we needed an even 20 squadrons for each front.
After the SU fell, we rapidly started militarization of the air force and navy due to the threat from the US, that's also why we tested nukes. That's how we got all those big deals with Russia. And we went back to talking about 60 squadrons. But Clinton came running to India to make peace and half a decade later, once we became sure the US will not be a military threat, we went back to our usual 42+3 squadron plan.
Crossing 50 squadrons is also speculation, but our current orderbook doesn't make sense without at least approaching 50. Or squadrons will have to be phased out and rolled into others, like converting 7 Rafale F3/F4 squadrons of 18 jets each into 6 squadrons of 21 jets. The same can be done to MKI as well. The MLU is for 84 jets, that's 21 jets per squadron.