The Indian government is requiring a 50% offset, and F/A-18E/F, Dassault Rafale, Eurofighter Typhoon, Lockheed Martin F-16, the RSK MiG-35 and Saab Gripen have submitted proposals.

My money would still be on the MiG-35s, since they already operate the MiG-29, though the Gripen is probably best bang for their buck, and closest in size to the MiG-21s that will be replaced.