You might want to check what the SMT upgrades includes and what not the Mig already has, because unlike PAFs F16s it is already BVR capable and has IRST. The SMT mainly adds A2G capabilities to make it multi role capable. Add the technological edge of MKIs with PESA radar, IRST, TVC and better avionics and you have more than 200 Russian fighters today that has capabilities that PAF lacks today.
Btw, even the Mirage 2000 offers 2 x types of missiles for air combats today, although imo don't the Super 530 as a BVR missil. Adding AIM 120 to a few squads (since the MLU upgrade isn't finished either), doesn't make PAF technologically equal, it just catches up to a capability IAF has for more than a decade now and with the new upgrades and procurements, the technological edge or advantage, howevery you want to call it remains. IAF is loosing at the lower end, while it will remain superior in numbers and techs at the higher end, that's what many people don't see when they talk about falling squadron numbers too, because IAF might phase out single role Mig 21 and 27 now, but adds MKIs in numbers and modernising already capable platforms like Mig 29 and Mirage 2000.
So just like Indians shouldn't underestimate PAF and their modern capabilities as an air force, you shouldn't underestimate IAFs technological advantages, based on falling squad numbers and the maximum range of a missile.