Although, since India became independent only in 1947, it beats me how the IAF can be older than 75 but that's a different story.
As to the present contract for 126 of the MMRCAs, the contenders in the fray are these:
To me, the choice is obvious — MIG-35.
Of course, I don't have the advantage of user trials and other evaluation techniquies that the IAF has. But the MIG-35 seems to be the most modern of the lot while the F-16 and the F/A-18 have been around forever.
Cost-wise too, the Russian MIG-35 should be on the cheaper side if not the cheapest.
I am holding my breath for Mr. Antony to take a final decision then.