It's hard to say, hopefully the situation doesn't end up in armed conflict specially because that is what the US regime wants (I personally believe the Keshmir terrorist attack was CIA's work, there is just too much evidence suggesting it).
A lot of neighbor countries like Iran are already trying to de-escalate the situation and prevent war from breaking out because the last thing we need in our region is a war.
But if it does, the consequences of it could destabilize a wider region in the world and it is not just India and Pakistan that are going to be involved and affected. China and US are already picking their side and sending weapons to basically fight a proxy war there!
It could also affect the global supply chain as the conflict could also pour into the Indian Sea, and maybe even Arabian Sea and affect a lot of shipments that pass through the region.
Depending on the scale and the effects on the global economy, the result in the crypto market could be different.
It's a positive thing like countries like Iran exists that have offered itself as mediator to deescalate the tension. Super powers want the tension to grow high so that arms selling business continuous, a peace will decrease the demand of arms.
Kashmir is main reason of confrontation between India and Pakistan, and like all other major conflicts of the world we have to thank UK for that.
Those lists mean absolutely nothing, the data they use is just too raw and the "strength" they talk about is just on paper. In reality things are very different. Take the situation in the Red Sea, Yemen is not even in the list and yet they've already defeated US military there!
Take airforces of India and Pakistan.
On paper Pakistan has a smaller number of aircrafts and is counted as weaker. In reality is is actually stronger compared to the Indian airforce. Pakistan has better pilots and the PL-15 beyond visual range air-to-air missiles would do wonders in air-to-air fights. And that's just one of the factors. With better trained pilots that PAF has actually invested in a lot over the years, they will have an easier time gaining air superiority.
Pakistan air force main reliance was on USA aircraft's like F-16 and C-130 but USA from time to time impose sanctions or halt delivery of F-16s despite receiving full payments of the aircrafts. This has forced Pakistan to launch a project of it's own fighter aircraft in collaboration with China and that's how JF-17 Thunder was born.
Now PAF main fighter aircraft is JF-17 (which you can say is very much our own product) along with J-10c from China recently acquired. The air superiority doesn't mean just latest aircraft's (imported from big powers) but on self reliance and how skilled/trained your force is.
PakkstanPakistan still has USA
fF-16 block 52 that are advanced but to me they are of little use
becasebecause USA has full control over these
aircraftsaircraft's and PAF has to take permission from USA to operate in offensive mode.
Do you know that Pakistan Air Force pilots also participated in 1967 Arab Israel war and shot down Israeli aircraft's like Mirages, Mysteres, and Vautours.
sourceIt may add to your knowledge that a large number of C-130 in PAF are not supplied by USA but gifted by Iran decades ago.