in the first page itself, they mention, "Blanking", but I do not understand why this blanking factor should be included in the calculation of Pixel clock or data rate?
Can someone explain to me?
Not all clock pulses are used to transfer picture, this time when pixel data is not transferred is a blanking time. It is required by used video standard. The blanking time is needed for receiver synchronization, it needs to detect where is new frame begin and where is new pixel line begins. Blanking time allows that synchronization.
Also as said before, old CRT tube displays used blanking time for a beam retracement, because it is impossible to do immediate significant change for the beam direction in a very short time and when beam returns back from the right side to the left, the beam is off in order to not overwrite picture.
For LCD the picture is transferred the same pixel-by-pixel, line-by-line as on CRT, but it can use smaller blanking time. It is still required because LCD display needs to be synchronized with video source and needs to understand where is frame begins and where is new pixel line begins...