This topic shows up on these boards every couple months. The only sport the mainstream public in India cares about is cricket. As a result, India has the most competitive cricket league in the world (compare to NBA, MLB etc) and arguably the best cricket team in the world.
Other sports? India produces an occasional Olympic champion in wrestling, boxing etc, but they don't have a strong sport infrastructure or culture to produce consistently. However this would indicate that some talent is there. Some India tennis players have done reasonably well on the ATP tour (mostly doubles though).
The track field records posted above are not terrible but clearly underachievng for a country with its population. Could India have athletes competitive on the world scene with better infrastructure? Probably. Would they have world beaters? I doubt it but who knows for sure.