used to exist. Pakistan and India used to meet in world cup matches (in context im considering knockout stages :p). Not since 2007 I believe, I believe the only subsequent encounter is champions trophy semifinals? Since 2007 this is the third major tournament that India has been the mammoth.
Now India just isnt good enough to make it that far. Its as if Uraguay and Brazil had a big rivalry back in the day, but now Uraguay just remain stuck in their little group stages and then are the first ones to exit the tournament.