Just thinking out loud.
Would you then want large numbers of such point defence fighters that would focus on interception albeit being multirole, or would you rather have large number of air superiority/strike role aircraft that can take the fight to the enemy airspace?
Given the current fleet, would you focus on increasing MKI/Rafale/ORCA type fighters or should we focus on single-engine mk1A/Mk2/MWF type single-engine fighters?
Our MKI numbers are far beyond their limit. Even if 100 MKIs disappear tomorrow, we will still be well set for a two-front war with far more than 100% of our requirement within the limitations of its design. Even the USAF has less number of F-15C/Ds compared to the IAF. The Japanese have to cover far more airspace than we do, and still have only 2/3rds of our strength. So adding more MKIs does nothing. It's like adding 10 more formal suits to your wardrobe of 50 such suits but having nothing to wear to a pool party.
The Rafale is a next gen role replacement for the MKI. It's meant to do all the missions MKI does, and then add some more missions to its kitty above that, and do all that at a significantly smaller monthly subscription. If the MKI since the very beginning had a very small RCS, AESA radar and cost less than a penny to operate, then we wouldn't have gone for the Rafale. We went for the Rafale because the MKI did not have a future beyond 2015-20 in its current avatar. Plus we needed an alternative to the Russians. So, if we are to gain an edge over our adversaries, we need more Rafales.
In the high end segment, with 190 MKIs and 189 Rafales, we would be set for a two-front war. AMCA would follow up as the next gen role replacement for the Rafale and MKI. Their main jobs are deterrence during peacetime and BARCAP, SEAD/DEAD, fighter sweep, top cover and DPS during wartime.
The LCA Mk1A and MWF are meant to replace almost our entire non-MKI fleet, so they fit into an entirely different segment in our air force. Their main jobs are to become the first line of defence, escort heavies into enemy territory and support ground troops via CAS and interdiction.
So it's not an either/or choice. We need both Rafale and LCA/MWF, and we need them to be inducted in parallel and in the numbers the IAF has identified as necessary.
Or neither of the two options and wait it out for the 5th gen developments/offerings instead of chasing numbers?
A lot of people do not know that the IAF is actually an extremely forward-thinking air force. Well beyond the times. What the IAF had planned to do the previous century, even countries like the US are coming around to that thought process only now. But this is a topic for another day.
Today, without having the Rafale and MWF in numbers, we will lose 2 decades. And we are already late by 5 years for both, and are set to lose another 5 years even if a decision is made this year. As of today, the next major technology infusion is only slated to happen after 2035 and will become mature only in 2040. So the time in between will have to be covered up by the Rafale.