Okay,
This is a really optimistic scenario and I do not think this will happen.
1. Rafales are too expensive and we cannot order any more of them anytime in the near future(2-3 years, factor in delivery times, and other shenanigans). Besides Dassault facility in France is totally booked right now for another 5-7 years. Orders are coming in from Croatia, possibly from Indonesia and more will come from Egypt. At most 18-36 more will be ordered and that's a big if and will most probably be delivered in the 2030s, by then would it really make sense to purchase such an expensive aircraft? I don't think so.
2. Metal cutting hasn't started for the Mk2 MWF so we cannot be sure about timelines now but probably it will have a much shorter development time than the OG Tejas. But it would still be ready for production at around 2030(Give or take 2 years or so).
Unless production is outsourced to some private vendor, do not expect HAL to crank out Tejas Mk2 MWF like pancakes because it will be in process of upgrading Su-30s which will consume a lot of its manpower and resources. So production figures unless not sourced to some other vendor would remain around 18 jets per year. All in all 5-7 squadrons by 2035 if things go as planned and IAF places firm orders as well.
3. Mirages and Mig-29s will serve at least till 2040. Why? because we cannot retire them and leave a massive capability gap in the air force. We still haven't retired Mig-21s despite it coming ridiculously old so the same will happen for Mirages and Fulcrums.
The final tally would something like this.
270 Su-30Mki(some 5 upgraded squadrons hopefully)
123 Tejas Mk1+Mk1A
90-126 Tejas Mk2 MWF
36(possible 54-72) Rafale
48 Mirages
87 Mig-29s
36 Jaguars D3.
603 to 762 jets. 33 to 42 squadrons, of which 171 jets(10 squadrons) would be obsolete aircraft. And these numbers are considering a replacement for losses of Su-30, Tejas, and Rafale and No losses for Mirages Fulcrums and Jaguars.
It is impossible for IAF to modernize and reach 42-45 squadrons it needs to spend less like a drunken sailor and spend carefully and GoI should also look towards increasing the CapEx as well as OpEx for all three branches.
About Rafale .
We have already build infra for 72 jets. So 72 is guaranteed.
We need Rafale on both fronts plus some reserved for nuclear strike role and attrition. So 100+ are required.
We wouldn't invest in india specific enhancement if we were to order just 36-54.
Iaf is hell bent for Rafale specially after cancelling fgfa . This is what they need against j20 when j20 matures in 7-10 years and untill we have AMCA operational in decent numbers. The money that was meant for fgfa can now flow to rafale procurement.
Yes Rafale are expensive but they are worth it and budget is there as I have previously explained .
On MWF.
Metal probably has started. Even if corona delayed it then delay is only few months.
We have already seen multiple tenders issued for MWF from jig assembly to fueslage to radar etc. Work is going on as planned.
HAL will only be lead integrator and most the work is planned to be outsourced already.
All preparation are for 24 jet per annum target.
MWF will be ready for production by 2026 not 2030.
As the prototypes will directly be production standard. And it will follow concurrent development model just as gripen ng.
HAL nasik line will handle su30 upgrade without disturbing Tejas or MWF production for which separate ecosystem is being developed with private parties.
21 mig 29 we are getting will serve till 2040 probably along with 37 Jaguar which are only 10-15 years old right now. Rest all will have to be retired they might have airframe life left but they won't find spares anymore in 2035 . Besides they will be pretty obsolete without aesa and modern weaponry.
Also MiG-21 retirement has been delayed due to delay in lca . MWF is much better planned and executed project with all components in place alredy. So chance of delay are almost nil.