Rii
Rear Admiral

It seems as though this program has been going forever, but we're well and truly in the endgame now, with all candidates contesting for selection in what is arguably the most interesting aircraft acquisition program in a generation now having completed flight testing:
Aviation Week
With flight trials complete, the downselect process has begun for the six candidate fighters in India’s Medium Multi-Role Combat Aircraft (MMRCA) program, a competition with a $10 billion-plus payday for providing 126 aircraft.
Opinions vary widely among observers on how long it will take to narrow the field to two finalists from among the MiG-35, Dassault Rafale, EADS Eurofighter, Saab Gripen, Boeing F/A-18 and Lockheed Martin F-16.
Some speculate an announcement might come in just two weeks. Others insist it will take much longer to evaluate the extensive technical reports that the tests have produced. Regardless, a commercial bidding process will follow the announcement. Final selection is to be made by the end of 2011.
Trials included 643 test points. Results are being forwarded as tabulated data without a quantification of the level of compliance achieved, a senior Indian air force official reports. “We have done an objective assessment and are taking into account the needs of national security,” he says. But cost and politics will play a role in the defense ministry’s selection, he acknowledges.
Of course 126 aircraft is merely the initial, guaranteed order; the final tally could wind up being much higher. There are long-term prospects at stake here.
I'll add my thoughts on each of the candidates shortly, but for the moment I just want to highlight a recent development in IAF acquisitions outside the MMRCA program: more Flankers.

Meanwhile, the defense ministry has revealed that it will buy 42 more Su-30MKI fighters, with deliveries to unfold between 2014-2018 (Aerospace DAILY, Aug. 11). The $4.3 billion deal, which will run through Hindustan Aeronautics Ltd., is a top-up order that is to bring the Indian Su-30 inventory to more than 250 aircraft and the number of HAL-assembled versions to close to 200 fighters.
What's not in there is that these Su-30 MKIs are to be fitted with AESA and to carry BrahMos, and that the first batch of MKIs (delivered to India in the late 90s) are to be upgraded to the same standard.
What this aggressive upgrade and acquisition schedule suggests to me is that India has no intention of using the MMRCA program to 'fill the gap' (such as it is) between Su-30MKI and the future T-50-derived FGFA. The Flankers are very much intended to 'rule the roost' in the IAF's force structure until the advent of FGFA, and that has implications for the type of aircraft chosen to the fulfil the MMRCA requirement. Specifically it puts pressure on both Typhoon and Rafale, the candidate aircraft at the higher end of the cost/performance spectrum.