There could very well be 200+, because only 120 Jaguars were put through upgrades.
Over decades, which were replaced with newer once, IAF currently has just 6 x squadrons of Jaguars and they will be upgraded and not replaced anytime soon.
Nope. It doesn't work that way. 1 multirole fighter may be able to do the work of 1 striker and 1 fighter, but it cannot be in two places at the same time. So if you need CAS in two places, you need two aircrafts - not one multirole.
It don't have to be at 2 places, since you need less fighters, which means you send the additional fighters for other strike missions.
Past: 2 strike fighters + 2 escort fighter = 4 fighters in total for 1 mission
Present: 2 Mirage UPG for the same mission, while the other 2 can be diverted to another mission
The needs are also changing, and the IAF has categorically statedf that they are short of desired strength. I cannot think of a more authoritative voice than them, to assess our threats and needs. There is a reason there are such concepts as "sanctioned strength".
The squadron strength has nothing to do with the capability of the fighters, nor with how many fighters you need to do a mission today. It shows how many fighters and bases you need all over the country, to protect the Indian airspace. The need for 42 squads doesn't mean 21 for A2A and 21 for A2G, but one part in the east, one in the west, one in the south..., either on available bases, or on newly raised bases in newly raised combat aircraft squads. The trainer aircrafts are only meant to train the pilots to use these combat fighters later and have no relation to the 42 combat aircrafts IAF require.
Your point was in the context of EW measures. Migs were not lost due to lack of EW capability.
Against IR missiles and the Hawks offer even less capability than the Migs had back then. So you would need to add several millions to upgrade them first, to give them even basic self protection capabilities and not even that will safe them from advanced air defences or the fighters our opponents have. Our situation is simply not suited to use aircrafts that have so many limitations, which is exactly why IAF requires so much from their fighter fleet, be it wrt flight performance or technical capability.
You yourself quoted earlier that the Mirages needed strike escort. And that isw true, mig-29s gave fighter cover for mirages and jags.
Of course, since the older Mirage fighters were not able to carry strike configs and a sufficient load of AAM's to defend themselfs. The upgraded Mirage 2000-5 however, will carry to 5 to 6 x MICA missiles in any mission and still can add a SPICE 2000, 2 x 500lb LGBs, or even 2 x 1000lb LGBs at short ranges, not to mention that it will carry the EW jammers internally. Just as the Mig 29 after the upgrade will not only be able to carry A2G weapons, but also to carry a full set of 4 x AAMs in any mission, since it now has 4 wingstations.
MKI, Mirage UPG, Mig 29UPG and MMRCAs can do 2 missions at once => need less fighters
LCA MK1 and Jags can do strikes, with minimum self defence capabilities => but needs additional escorts
Hawks can drop bombs, but falls very short in self defence => will be an easy target for A2A and A2G threats, even with escorts