The fact is that India is # 1 & # 2 in tests & ODIs respectively and the "over-hyped" Pak team is # 7 in both formats :D
"What was" and "what will be" is immaterial here. Lets focus on "what is"
As for this one, Indian team has been thrown out of tournaments and even have not managed to get themselves in the semi-finals of the any major tournaments ( i am not talking about the tri-series kind of tournament, where the 3rd team is Bangladesh)... T20 world cup, India performed above average against Ireland and Bangladesh to make to next round and then was beaten out of the tournament... and India repeated the same performance in Champions Trophy, where they only won one match which was against B-grade teams.. yes when it comes to beating B-grade team India have done wonders.....