It will be very difficult to have a fair exchange in India, that allows deposits/withdrawals in INR, simply because of conservative government policies.

What we can have is a parallel economy in bitcoin just like people use black money right now (hand-to-hand, in-person transfers).

However, if your concern is locking into a fiat value of bitcoin at some point (let's say you think BTC is about to crash), just short btc in one of the futures/swaps market (Bitmex is good). I believe someone can make a similar derivative for BTC-INR without actually dealing in INR or indian banks.