I am a software developer and working on a lead position in a company. I asked my boss, with decision power in the company for salary raises, for a salary raise as I am very below average for my experience and the duties for which I am responsible. The boss offered me to change the project on which I am working on and do another project in the company where a senior resource is needed(for a salary raise). When I analyzed that project I came to know that it is utilizing very old technologies (NOT in demand now a days). There is no learning in that project and I know even then the raise will barely put me at the average line salary-wise (I am very below average right now). My current project is utilizing newer technologies and frameworks (in demand now a days). So I nicely apologized and expressed my will to keep working on the current project instead of working on the older project. In reply my boss asked me about my long term plans. I am confused what does that mean?
Update: I am already looking for a job switch but am confused if I should tell my boss or not. The boss has already told me that they cannot afford the requested raise until next 7-8 months. I don't wana tell them that I want to leave the job ASAP.