As is, when operational, I would rate the Project 17 as superior to the new chinese Type 054 frigate and an equal to the Type 052B destroyer (P17 has greater ASW emphasis, one more helicopter, less medium range but greater short range SAM capability, fewer but more deadly SSM, smaller caliber but more rapidly firing main gun)
A future P17 might mount 3 Sylver 8-cell VLu's with Aster 15 and 2-3 Russian 8-cell VLu's for members of the KLub-N family or for Brahmos SSM/LACM. Thus equipped, and with the Aster associated multifunction radar, the P17 would in my view be similar in design to the projected Type 054A and possibly outclass it in performance.
Such a modified P17 would outclass the current Type 052B but not the 052C AAW destroyer. For that, the P17 would need to be equipped with 5 8-cell Sylver Vlu's with long range Aster-30 and associated multifunction radars, as well as 1 8-cell Russian VLu with SSM of the Klub-N family or Brahmos.