well i can not possibly tell you whether it is safe or not since i don't live in India and the news is never trusted but what i can see is that there are multiple exchanges in India for trading bitcoin, there is also more decentralized ways such as localbitcoins and for a very long time the trading volume of these places have been extremely high. that shows that Indian are already investing in bitcoin and they are doing it A LOT.
additionally you may want to ask this in Indian board here:
https://bitcointalk.org/index.php?board=89.0Thank you for suggesting Indian Board. I will ask there for sure.
I agree, Indians are investing in Bitcoins but as far as its legalization is concerned; Indian government still in doubt to accept it or not.
Right now, I am not aware that there is any policy if Indians can use bitcoin investment as tax saving activity.