Update : This is still the Mobile Market Place. Only the currency has changed to Indian Rupees.
Looks like Windows Phone Market Place is available in India as it is not redirecting it to the Windows Mobile Market any more when directly accessed. This happens when you are signed in and your profile location is set to India.
Also important to notice that there is a notice on the market place which says that all Windows Mobile 6.X applications can be downloaded only from the marketplace client installed on your phone. If you do not have that Find more details here
When you click on Account Settings you will have to Accept terms and conditions again after which you will be able to see your device credit card details. Also the Apps prices are not displayed in Indian Currency. In case you dont see that, try clearing the cache which worked for me.
The only thing that is missing are the phones which I hope Nokia is going to bring in India soon as the only player HTC has performed badly when it comes to battery life.