IMHO
I think that if you are talking about end users buying domain names for REAL businesses then most will not be able to afford the higher prices that are being asked for .com's and if their business in only targeted at the local markets then it makes much more sense for them to go for .co.in & .in.
Say for exampled your were a business owner that supplied fountains to the local and national market. If you had the cash or could afford to borrow the money to buy
fountains.com and you are competing in a global market place then great, it would be a sound business investment to do so.
But most small to medium size businesses will not invest the money on a .com if they can get fountains.in (which I own by the way LOL) for a tenth of the price or less than they would have to fork out for the .com
I have been selling my domains to businesses just like the scenario above and many already own the .com equivalent and are buying up the ccTLD's for the local markets.
I have been travelling around the world with my family for the past 6 months and I have been paying very close attention to how businesses in the countries we visit have been marketing their products & services in papers, magazines, billboards, buses and trains etc and I can tell you for sure that the ccTLD in the 9 countries that I have visited so far is used much more than .com
If you are not going after a global market then why pay the premium for the .com it just does not make good business sense especially if your home market uses its ccTLD just as much if not more.
Just take a look at
Domain Name Journal - The Industry News Magazine at DNJournal.com at the ccTLD sales of late and some of the stars are ccTLD's (and yes I know India is yet to shine) but give it time and I believe it will do so.
Just look at the internet user stats for India and a blind man can see that India is in its infancy in terms of number of users for its population. I made a post about it today on my blog at
World Internet User Stats | OzDomainer.com
The internet is a numbers game and I think the Indian numbers game is in its first innings, hang on because its just getting started.