@jubin, although it is more than a year when you asked this question, but now India is on the list of countries where Android developers can create a trading account m, happy for him .. :-). check here
EDIT: It was a Google bug, they put India on the list for a short time and then deleted again, now India is not on the list .. :(
Edit: This time I am happy to change my answer ... :) Good news → Indian Android developers can set up a seller account on the Google Play developer account .. :) check here
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