Country coins were a huge craze back in 2014 but I think the idea has died back down since then because as others have said, cryptocurrencies transcend national borders. Certainly some coins are more popular in certain countries more than others though.

I'd be surprised if an India-specific coin hasn't been created yet since it is the second most populous country after all. Heck, even us New Zealanders got our very own coin back then (Kiwicoin).

EDIT: I did a quick search and couldn't find an India-specific coin so if anyone does start an India-based altcoin then it would actually be the first of its kind. The name Indiacoin is available too although the ticker IDC is already taken (IND and INDIA are available).