You are thoroughly underestimating a CSG's attack capabilities.
The US Navy Aircraft Carriers
BTW JF-17 engaging a MiG is one thing, winning against it is whole another thing.
Oh dear, PLEASE, for the love of God or Bhagvan or the Vedic times, please don't compare your little navy to a CBG of the USN. Both of your carriers COMBINED can't do HALF the operations that ONE USN CBG does!!!
When you get to that level, I won't mind doing an Apple to Apple analysis. Right now, the analysis is Apples to Tomatoes.
24 Mig-29 K's means one thing, when the war takes place, I can ASSURE you, that your carrier will be pushed out about 400 miles beyond the sea lines of Pakistan (and i mean the extended EEZ lines). So really, like 600-700 miles away from the port of Karachi (1200-1400 miles round trip!!!). Flying over the ocean from the carrier, you'd have much shorter combat radius to be anything effective via using your air assets against the port.
Next, the defense, well again, 24 jets defending a Carrier isn't that big of a deal. There are RARELY any carriers in existence (outside of the USN), which would support 24 consecutive carrier born jets and their ops. I can assure you of that too.
Your Russian carrier at a time is able to launch 4-8 jets and then there needs to be re-configuration of the launch platform. The USN always keeps 5 aircraft ready to go (Alert 5) and has a backup of 5, this is without war.
So do me a favor, learn about your naval capabilities before doing any comparison. Just to give you facts, the Indian AC would be a prize for the Pakistanis. I am more than sure that they won't mind sending 20 JFT's for it. Both Migs and JFT's will engage each other with BVR missiles and I am sure there will be casualties and the JFT's might not go back.
But 20-40 fired Supersonic cruise missiles with missile defense systems installed inside the missile, will overwhelm the AC's air defense system. Let's say, out of 40 or 20, even 20% of the missile force hits the AC (being very conservative), your AC flips over or becomes unusable for weeks. That is if a second attack isn't sent behind it to sink it. I won't be surprised if in a war (At this point with the PAF having good teeth and a potential naval arm in the next a couple of years), your AC's will be parked by Bombay or Sri Lanka.
The extension of Pakistan's recent EEZ did wonders. It has provided that "strategic Sea Line Depth) that Pakistan never had before and chances of Indian Navy doing a block-aid were very real.
Now the PN will be on a shopping spree buying many more missile boats, SUBs and Missile Frigates, many of which will be pushed out to the extended EEZ's so they are far from the traditional coast line, and can take out from behind, things forming an arch around the littoral coastline by Karachi.
In fact, a large enough number, can even put pressure on incoming Indian ships from the strait of Homez as those will be in easy missile reach of these PN ships out in the extended EEZ of Pakistan (trying to protect the ocean "exploratory activities". The Pakisanis have been playing their cards right and it's been interesting to see their strategy actually playing out very well.