It is, there won't be an AESA upgrade and if that would be important, they would have waited for the Zhuk AE to ve developed and ready, but that wasn't the case, therefor IAF took the Zhuk ME. It's also questionable if the older Mig 29s airframes are capable of supporting an AESA, they couldn't get the latest varient of the RD 33 either, unlike the Mig 29K and even if the latter will get the Zhuk AE in future is not clear at the moment, since adding the indigenously developed AESA would make more sense. The weapon pack of the K will have a far bigger Indian content in future, they already have HMS and avionics developed or produced in India, so it's more likely to see a next step of MKIzing than simply getting more Russian parts.
The Jags actually didn't get their last upgrade, since the newst of them are only 5 years old. We kept producing them waaaaaay too long and if we want to keep them for their operational life of 2-3 decades, upgrades and life extentions are obviously needed. One reason I would sell at least the last 2 x squads to another country (Afghanistan for example), to safe us the cost, with no operational importance for IAF's future.