Is only 16 enough to hold off IAF + IN + MAF + MN?
While full scale war on two fronts is highly unlikely, India and Mynamar are likely to provide overt or covert support to each other during war with one of them. We need sufficient redundancies in firepower to keep both in check simultaneously.
1/2 sqd EFT + 4/3 sqd Gripen (or J-10C) + existing fleet (Mig-29BM, F-7BG, F-7BGI, Yak-130) supported by AEW&C can offer bare minimum deterrence against both, buying enough time for the West/China to intervene politically.
Air power aside, we need long range rockets and missiles (CM, BM) in large enough quantities to be able to survive enemy first strike and retaliate in kind.
If we can attain sufficient strike capabilities to force the Indian economy into recession, that will be enough to motivate India to avoid confrontation at all costs.