Man, you really should check the interviews the Air Chief gave and you would understand that the Mig is not what IAF wants. He stated officially that IAF will prefer low life cycle costs over low unit cost, and moreover he directly said, that putting all eggs in one basket is not a good idea (his words)! Two major arguments from the highest IAF officer, that rules out the Mig for sure and I think the not participation at Aero India this year has a reason.
The Mig can't offer us useful ToT, because we obviously don't want Russian engine techs and wouldn't upgrade all Russian fighters with as much western avionics as possible, if they offer anything interesting in that regard.
So when low unit costs, ToT, political advantages, not to mention the capabilities of the fighter itself are ruled out, what is left to make it preferable?