IMHO, stay away from Godaddy, Net4domains, Indiatimes, Rediff, etc. for hosting. They are not only pathetic, they are horrible, especially Indiatimes and rediff. BTW, godaddy isn't even good for domains

There are better alternatives available.
Actually, what is a good host depends on your requirements. There are hardly any hosts in India with their servers in India. Almost all have their servers in US data centres. Thats cheaper and better too. Those data cnetres have better connectivity than Indian ISP servers. You can try following commands for some information
"tracert domain.com" to see the number of hops from your connection to that server. More hops is bad.
"ping domain.com" that will show you how much time 32 bytes take to travel. More time is bad. Of course this could vary from time to time.
However, this values are only from "your" machine to the server. So if a visitor to your site is from some othe part of the world, values will differ. At times, site owners even consider target audience to their sites. For example, if they expect more visitors from Europe, they try a europe based server.
However, usually, these things don't matter much and you won't even notice much difference. Even this digit site is hosted on a US server. Do you face any problems in accessing it?