Correction:
75 Mirage III are 2 Gen
82 Mirage V are 3 Gen
186 F-7P+PG are 3/3.5 Gen
Total - 343 2/3/3.5 Gen
Correction:
63-70 F-16 (Block 40 +Block 52 = 4/4.5 Gen
50 JF-17 (Block 1) = 4 Gen
Total = 113-120 4/4.5 Gen planes...
PAF Total = 456-463
IAF Total = 779
Though your fleet is almost 1.68 times more, problem with India is, it is also 4 times bigger than Pakistan area wise thus giving us the advantage.
The superiority: At present, the IAF is operating 34 fighter jet squadrons, as compared to the 26 operated by the PAF. However, the IAF needs to operate 39.5 squadrons to maintain its superiority over the PAF , due to a wide variety of issues like geographical disadvantage. The squadron strength of the IAF will drop to just 31 during the country’s 12th five year plan (2012-2017).