If you want to restrict the discussion to current inventory, lets us just stick to it. Currently PAF has three squadrons of JF17, 4 of F16. Rest all the aircraft in PAF arsenal are old third gen aircrafts with no BVR capability. Even in fourth gen, only 18 F16s have BVR capability and S10 integration on JF17 is not confirmed and has been questioned by your own compatriots.
Currently IAF is equipped with 8 squadrons of Su-30 MKI, which is more than a match for 7 squadrons of Jf17 and F16 combined. How can you say that JF17 is just starting to develop, when JF17 Blk II is already out and it came with almost zero upgrades, only Blk III is left now. MLU's won't take place before 15 years. No one is saying that India will keep nothing in reserve for china, however we can mobilise all our Su30s to Pakistan border and leave the rest for china if need arises. People need to understand how much this aircraft brings to the table, a single Su30MKI can carry as much weapons as 4 Jf17s and cruise through whole of pakistan, and then come back, and land in India. Its no joke that it defeated F15 during CI-2004
And got its a$$ kicked when we Americans said "Ok, jokes aside...lets play the real game now."
F-15s came out victorious in Red Flag. I think you haven't seen the U.S F-15 pilot's video regarding the issue?