The IAF's newest aircraft as of now is the SU-30,which is a variant of the SU-27.About 200 will be in service by 2015,which would put it out of contention for this current contract.A carrier borne variant of the Mig-29 is being purchased for the Indian navy & the IAF hasn't actually had a great time with maintaining it's existing fleet of air defence Mig-29s,which could go against the Fulcrum.
Thanks for your feedback, regarding su30/MiG29's. Somehow it seems strange to think a carrier version of a MiG29 is realistic. It was never built for the rigors of carrier operations, as supposedly the Su-30MK2 is. At any rate, I am sure we shall hear more on these exchanges in the future.