Although I don't think India should settle for "second-best", I am quite a fan of the Eurofighter Typhoon. I think it's generally a high quality fighter jet that may only be surpassed by some of the newer F-jets coming onto the market soon.
India isn't going to get into a high-level conflict with any nation on earth that it can win, and any conflict it does get into which it has a chance of winning against, is going to be fairly mid-level and wouldn't require a strong air force.
I think India should focus on strengthening knowledge and intelligence in its defense industries, rather than acquiring equipment fully manufactured abroad, by insisting that all products are manufactured and built in India with technology transfers and training of locally born workers.
We should have the skills that are needed to build a strong manufacturing sector equal to that of Israel or Japan, or even the European Union. We need to possess the "Japan option" of the defense sector.