Hi Ronnie,
I don't personally know anyone who's bought an Indian lathe, but I do know people who've bought Indian-made clones of old British Lister engines (the Lister CS model, predominantly, but also versions of an old Blackstone engine). There's one of two ways it'll go....
...IF you can find an Indian company who deals regularly with "the west" (usually the US) via a particular importer, you might find that that importer has worked with the Indian company to bring quality to an acceptable level (acceptable, that is, to Western customers). If you find such an Indian company, then you can almost certainly buy from them with a reasonable expectation of getting a workable product, which should require a minimum of fettling.
If, however, you just go to "any old Indian company" - especially the very cheap ones - then expect to have to take your freshly imported lathe completely to pieces before you use it. You will be looking to clean out casting sand from gearboxes first of all. You will probably need to replace all the bearings with ones that aren't QC rejects. Make sure you go around any castings very carefully with a small magnet, Indian companies will cheerfully fill huge voids with automotive filler, rather than casting parts properly in the first place. Once you're satisfied that all of the parts are OK, you'll probably want to make sure the ways are level and parallel - just because the ways LOOK scraped, doesn't mean they were done with a straight edge. Finally, re-assemble, checking everything as you go for parallelism & straightness and you should end up with a good lathe that will last for years.
Note: That's based on the experience of numerous people (mostly Americans) who used to import "Listeroid" engines from India, prior to the EPA banning such imports. Even now, they can (and do) get around it by importing a "compressor" which looks remarkably like a complete CS engine.... although most now go to the one company that has proven to build decent motors - which, like I said, was the result of many years of effort by a US importer to get their quality up to snuff.
Now... it's quite possible that the lathe market is different, so I commend you & wish you luck on your search for people who have successfully imported such machines. Do you have a link/links to the kind of lathe you're interested in? I'd be happy to ask over on listerengine.com if any of them have or know someone who has imported such a machine.
PS: Chinese stuff is much improved these days (and I'm only a tiny bit biased when I say that....), don't necessarily write them off. Although the shipping is murder, and if you're importing to the EU, be ready for problems with CE marks (mind you, that goes for the Indians too).