india has made technology transfer of SU30MKI which is far better than pakistani JF17 and F16(A/B). SU30MKI of india is now India's home production (and it's production is cheap also) so india is mainly trying for some superior aircrafts like F-16C/D block 70 & F-18 E/F or F-35 JFS or French Mir2000-5 or Swedish aircrafts which will certainly take time. india wants the best aircrafts with full tech transfer and also on cheap price which is certainly no easy.
but even if pakistan get success in buying F16 block 52s from US, it will not give her any real advantage over MKI as both of them are more or less equally comparable. infact SU30MKIs has been proved to be bit better than F-16 block 52s also which pakistan hasn’t got yet. while the chances are less that Pakistan will be able to buy F-16C/D block 70 or comparable european aircrafts which India is trying for. because first they are too expansive for pakistan and second world politics are not in that favor of pakistan that western powers will give her aircrafts of this standards.
India is no longer going to be producing MKI. There was news all over that India has asked the Russians to speed up the delivery and the assembly of the balance of their order. India's production of MKI was costing the GoI close to $50 million per aircraft due to delays etc...at that price, the MKI is nowhere close to being cost effective as you claim.
As far as "superior" aircraft are concerned, you need to understand the implications of this before you state it. There is no such a thing as "blk-70" F-16s. If there is one, then IAF and GoI are going to have to foot the bill for its development which is something that the UAE did and was by no means cost effective.
The same goes for the Super-Hornet that IAF buys...if they set up production assemblies, the cost would be much higher than what you are having to pay for the MKI.
F-35? Ok to counter the decline from 39 combat sqns down to less than 30, IAF cannot wait for at the least another 5+ years before the US starts delivering F-35 LighteningII to the other countries....USAF has a tight schedule to replace all of its older F-16s...that takes precedence over supplying to India (if that gets approved) which happens to be sitting behind at least 6 other countries to take deliveries of the F-35.
The Blk52 that Pakistan is getting is more than a match for the MKI in an AEW&CS monitored and managed airspace. And you are wrong. blk-52 has not been found to be inferior to the MKI at any time (Rep. Of Singapore AF was very much pleased with the performance of their F-16s in India).
Pakistan does not have any intentions to go for something very expensive from Europe at least at this time. PAF has bought F-16s blk52 as a stop gap measure and once the IAF makes it decision on the MRCA, then only will PAF decide what it wants to buy if it finds that the combination of JF-17, blk-15/52 F-16s and potentially J-10s is not enough to cater to the IAF threat.
Also contrary to your claim that "world politics are not in that favor of pakistan", once the US approves of weapons transfers to Pakistan (which it has), everyone else (read Europeans) fall into line. PAF is in the business of reducing the types so it can streamline the maintenance and increase operational tempo with a smaller # of aircraft. Unlike the IAF, PAF does not need to buy an aircraft to match a specific type in the IAF....we just need for all of our stuff to work together nicely and from the looks of it, this integration seems to be coming along fairly nicely.