India cannot make up it's mind, i suspect they ban it during bear markets and then legalise it during bull runs. They should allow it's people to trade freely and in any type of market
They are afraid of it undermining the position of their fiat currency. If you google countries that banned Bitcoin you'll see that countries with weak fiat are leading the way. You could say that India doesn't have a weak fiat because it's a booming economy with 2nd population in the world, but it's not how strength of the currency is measured. There's a reason why you can get 70 Rupees for 1 Dollar and why many people in India work for 300 Rupees ($4) a day, while in the West $4 per hour is a low wage.
Most of the people in India are living in poverty as a result of corruption and bad political decisions in their country and this is another example of this. 
