To some extent yes as oil prices have down to $70 a barrel . The steep fall from $100 to 70 will improve our BOP and also help in GDP growth . India is least affected by global turmoil as its economy is domestic demand driven .

No misfortune of others can not be necessarily boon for us :-)
China , Japan and India can not pull out money from US treasuey because this action will mean triggering fall in doller value , devaluing the deposits and hurting themselves.
Same goes for other large investors except like Venzuela , Iran , North Korea etc.

Central Banks will now invest lesser in US if they are mandated by law to invest only in AAA grade but there is no large treasuery like US which can absorb billions of $ every year. So some of this money will flow to other investment
But by no stretch of imagination we can think that this money will come to India.

To some extent yes in terms of Market Capitalization which in turn erodes the Credit Rating of India

I think its the initial effects...after sometimes every thing will be ok,,india will recover

Probably Indians are not ready for their progress !

Though it's a mixed reaction of boon and bane, more of a bane for Indians planning to study and earn in USA. It can adversely affect our export potential. The inevitable lowering of fuel prices may bring some solace to the fuel budget, I hope.