Podcasting might not have taken of in India like how blogging has but here is a short list of some really worthwhile Indian Podcasts.

Podmasti
Everything you wanted to know about India and Bollywood. Arguably the first India-based podcast site.
Author: Ruchita Gupta
URL: www.podmasti.com

Kamla Bhatt Show
A blog, radio site and podcast run by Chennaiite, Kamla Bhatt, since 2005, while shuttling between Bangalore and San Francisco. Kamla Bhatt studied at Madras Christian College and at Marquette University, Milwaukee, United States.
Author: Kamla Bhatt
URL: kamlabhattshow.com

Indicast
Mumbaikars Abhishek Kumar and Aditya Mhatre gave up jobs with major companies at home and in the US to create India's first podcast site focussed solely on news and views. The podcast focuses on topics, ranging from Sonia to Sania, with a view point of the common man (aam aadmi).
Authors: Abhishek Kumar and Aditya Mhatre
URL: www.theindicast.com

PodioIndia
Concentrates on a rich content of Indian music, served up by co-podsters Piya and Deb.
Authors: Piya and Deb.
URL: www.podioindia.com

Podbazaar
A great source for Tamil podcasts.
Author: US based Sujatha Jagannathan
URL: www.podbazaar.com

PodTech-India
One of the first podcasts for those interested in the achievements of Indian techies. A spin-off from the US based Podtech.
URL: www.podtech.net/indiatech

If you are a blogger or a podcaster don't forget to catch India's largest event on audio and video podcasting PodWorks, a workshop style unconference to be held at Tidel Park Auditorium, Chennai on the 9th and 10th of June 2007.