quot; The rapid development of India in the twenty-first

The major issue I see is that it is stylistically a poor choice as it doesn't follow the same structure and introduces a little bit of ambiguity as a result (i.e. the reader has to think a bit, "England's.... what? Oh, England's development"). Consider the reverse case, "India's rapid development in the twenty-first century is like that of England in the eighteenth century." It is similarly awkward to what you wrote. Either "India's rapid development in the twenty-first century is like England's in the eighteenth century" or "The rapid development of India in the twenty-first century is like that of England in the eighteenth century." would be a better way to phrase that sentence.

Colloquially speaking though? Not a big deal. Only on the GMAT haha