Hi .inmaster
Its a good question. I see people asking the same thing about .us and .ca also. The market for country code domains seems to have become a little quiet with all the .mobi hysteria going on.
I guess I have three answers:
1) We've already seen over 10 sales of .in domains in 2007 that have been worth $1000 or more:
http://www.inforum.in/major-sales-by-month-t85.0.html
2) We've also seen some major sites launched with .in that aren't India-related such as
www.cyn.in and
www.outside.in
3) .in is still a new extension. Its just over 2 years old now which means that it is still a baby in domaining terms.