India has a major issue with too many different aircraft from multiple sources. Commonality between their carrier MiG-29K (which they obviously like since they opted for more), their existing MiG-29S (that are being modernized iirc to the SMT standard), and the potential 126 MMRCA planes is the biggest incentive to go for the MiG. It would greatly simplify logistics, training, and even combat deployments. It would not require new infrastructure the way most of the other alternatives do. Both the F-18, F-16, and Rafale, cost more. And the Gripen has issues in the area of platform development, as well as small international volume orders means it's hard to judge how good post-sale support will be.
On the other hand the latest F-16 and F-18 are highly capable, and given that the MiG-35 is still technically under development, while both of those planes are highly proven platforms, India may opt for one of them. Of course that would also be a major political step on their part, and this is where another major hope for MiG lies. I guess the only thing I can say is, time will tell.