I have been and observed both sides of the border and my simple answer is – NO !!

Pakistan Punjab is the engine of Pakistan’s economy and centre of all the major developments in Pakistan still it’s no way near Indian Punjab . I have reasons for it as well –

1. EDUCATION – Just like the entire Pakistan the education in Pakistani Punjab is non existent. A major chunk of population still depends on madrasas for education . On the other hand Indian Punjab has a very good education system and schools ( compared to Pakistani Punjab).Many world class universitys like Punjab university Chandigarh , Punjabi university Patiala , LPU Jalandhar , chain of khalsa colleges and central Indian universities like IIT , NLU’s are also established where not only Indians but people from other countries like Nepal , Bhutan , Thailand , Indonesia , African continent , Singapore etc come for education.
2. WEALTH – Without any doubt Indian side of Punjab is way more prosperous . People below poverty line are migrants from Nepal , Bhutan and poorer Indian states like Bihar the original Indian Punjabis are rich . Major chunk of wealth is held by Sikh Jats and Urban Hindus . Houses in Indian Punjab are brick houses unlike Pakistan were still many houses have not received bricks ( rural house ). Tractors and combines is not a luxury but necessity for Indian Punjabi farmers unlike in Pakistani Punjab where still a lot of farming is done by farmers with there hands .
3. SECURITY – Indian Punjab is no more a Punjab of 80s . It is fully secured for residents . On the other hand Pakistani Punjab witnesses a bomb blast every week or month . Women in Indian Punjab are completely safe but in Pakistani Punjab rape is a common site.
4. MENTALITY – Indian Punjabis have a very modern mentality and girls have complete freedom as it can easily be observed in Punjabi songs . On the other hand Pakistani Punjab is almost a shariyat state due to poor quality of education and backward thinking of people.
5. HEALTH- India Punjab is slightly ahead of Pakistani Punjab in this case as Indian Punjab has produced a lot more athletes and sportspersons on world stage ( considering Indian punjab’s share in Indian demography) as compared to Pakistani Punjab.
6. INFRASTRUCTURE- As I said before Pakistani Punjab is the heart of development in Pakistan and lot of money is spent on Pakistani Punjab by the Pakistani government but still it’s neck and neck with Indian Punjab (considering not a lot of money is spent on it by the government) .
7. CULTURE – Sadly the Punjabi culture in Pakistani Punjab has completely declined due decline of Punjabi speaking people and absence of original script . On the other hand Indian Punjab needs no introduction as it is the reason for Punjabi language to become an internationally recognised language .