Minimum CPC for the keyword depends upon the popularity of that keyword. Google will decide how much min CPC require for particular keyword. And if min CPC is $0.01 means, 1 paisa in Indian rupees.
Google have no special rates for India. In my AdWords account, i used to bid 0.05 for content and 0.1 for search. $0.01 is 43 paisa
Well iam with adwords from last 3months and i always advt @ 44Paise - 0.44Rs - 0.01$ This is only possible when you advertise for content ads. For search ads we need to Bid higher. Anyway if you pay less than 0.05$ you cannot expect Tons of traffic and hence i also advertise on other sites like Sulekha,adsforindians and other Indian Classifieds. Good Luck.
Trying and get the experiance. I say advt on sulekha and you end up @ 0.10$ and later blame me. So better just make a small survey and join all those. This is another good site iam advt with - http://www.freeclassifiedsindia.com
Friends it all depends with following things Which category you are in, What is the competision, What is the target audience, What is your product & product value, What is your needs in terms of sales, Some time a good ad - thrid or fourth in line may get less clicks but a good conversion, I am sure the best way to find is spend few $$$ experiment at various click levels and determine it, with each experiment you will know better. Knowing maximum CPC is not important , But knowing ROI is very important. Not only for India - this above stuff works for every body online. Hope you benfit from this Roxy