First of all, we don't get 294 LCAs, that's just wrong reporting. If we could get that many in a reasonable time, we wouldn't go for MMRCA. So far only 120 x LCAs are on order for IAF and anything beyond will dependend on the threat perception beyond 2020, where more advanced fighters might be needed.
For the short term that can be easily inducted however, there are only a few solutions:
- additional MKIs from Russia and not HAL, which nobody wants (not MoD and not HAL)
- additional M2Ks which hardly are available (but I do hope for the Qatari once)
- additional Mig 29s, which are in most cases in a bad shape and badly maintained, while no new once will be added for sure
Additional LCA MK1s or Rafales directly from France would be possible too, but as explained would require more time to be inducted and till IAF can make full use of their capabilities, compared to fighters that are in the fleet for years.