I don't see the value in upgrading the F-16s at PAF.
In the current international situation, no one can provide F-16 upgrades to PAF for free.
Based on common sense, if PAF upgrades the F-16 (to or near F-16V standards), it will be a huge expense.
For reference: unit prices for upgrading F-16s in various countries
USAF: about 10 million dollars
Taiwan Air Force: about $32 million
Argentina: about 39 million dollars
The exact cost depends on the scope of the upgrade and the level of the upgrade.
The RD-93 engine generates less power (a common problem with Russian engines). This results in a very limited avionics system for the JF-17B3. I'm not sure about the RD-93MA.
The radar of JF-17B3, KLJ-7A, is very powerful and uses more electrical power. Using the RD-93 to power the KLJ-7A is very strenuous. It would have a hard time supporting longer radar runtimes at full power. Also, it limits the JF-17B3 from carrying more electronics.
The WS-21 engine follows the same technical path as the RD-93, but the details and materials are quite different. It is a very desirable alternative. However, the WS-21 engine is more expensive, it is very much more expensive than the RD-93 engine. ------ The J-35 foreign trade version uses all WS-21 engines. So, it certainly has enough power generation.
The biggest contributor to winning this air battle was the air warfare system platform behind it. J-10CE/JF-17B3+PL-15E.These are just the surface parts of this massive system. There are more and more powerful things hidden behind the scenes and they have not surfaced.
Objectively speaking, as far as fighter jets alone are concerned, the Rafale is a good fighter, and it is on a par with the J-10CE. In terms of overall performance, the Rafale is better than the J-10CE.
The root cause of India's air war losses is the chaotic and outdated air combat command system. In other words, they can't win this air battle even with F-22/F-35 and will lose to J-10CE as well.
Or, let me put it another way.
If we make some modifications to the PAF's F-7PG to make it support PL-15E, and a two-way datalink. Then, guided by other equipment (ground radar or AEW&C), it would be equally capable of launching a PL-15E in the same position to shoot down an IAF Rafale.
But we can't say that this F-7PG is much more advanced than Rafale . Right?