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.