In terms of the sheer number perhaps but as far as the quality of their armored forces is concerned, they are nowhere near. I mean the only competitive models in their inventory are those 320 or so odd T-80UD MBTs and to a lesser extent, ~350 AK variants which are roughly equivalent to our T-72 CIAs but the bulk of their forces are still made up of derelict early cold war era tanks like Type 59 and Type 85s albeit modernized and given their current state of economics, the situation is unlikely to change in the near future. And not to mention, they can never even hope to bring their entire armored forces to bear on the IA.
Those were different times my friend. The equilibrium has changed so much since then that a parallel can not be drawn anymore without getting to rather erroneous conclusions.
I mean for example, in 65, the Pakistani artillery and armored forces had the IA counterparts outmatched by in terms of both number and quality and even in 71, there was near parity in the western front. But that is no longer the case. So the result of those battles has become somewhat irrelevant in the modern setting as far as today's Indian and Pakistani Armies are concerned.
The point
@COLDHEARTED AVIATOR has been trying to raise is quite simple. As it stands, the IA Armored Corps is authorized to maintain a fleet of ~4500 tanks of various types. Now his understanding is that merely reducing that number by just 200 odd units, which wouldn't even be like 5% of the entire fleet, shouldn't affect the overall combat effectiveness of the Army as a whole all that much, that's it.
Just think about it this way - what you can not achieve with 4300 tanks, you can most certainly not by throwing 200 extra units at it either!!
But by reducing your order by 200 units, you can save at least a billion USD (assuming the price for the individual units to be 5 mil USD but we all know it's likely to be substantially higher than that) on the flyaway cost alone leaving aside all the expenses you would save on their life cycle cost. Now just imagine what you can achieve with that 1 billion USD!!