Amazon Wasn't First to Launch Prime In India

Amazon recently launched Amazon Prime via The shipping benefits are very similar to other markets:

Why pay Rs.100 for One-Day Delivery every time you need an item quickly? As a Prime member, get unlimited FREE One-Day and Two-Day Delivery to over a hundred cities in India. Choose from eligible items in the country’s largest online store, no minimum order size needed. 
Prime members also enjoy discounted Same-Day, Morning and Scheduled Delivery to pin-codes in Delhi, Mumbai, Bangalore, Hyderabad and more cities across India. 

Video benefits are still to come:

You will enjoy a wide selection of Bollywood and regional movies, US TV shows, and more. And you will also be able to access Prime Video anywhere: on the go or in the comfort of your living room. We will continue adding new and exclusive content, including new original Indian TV shows. Stay tuned for more.

Amazon is providing a 60 day trial vs. the typical 30 day trial they have used in the US and Canada. The price is currently listed at ₹999 (approximately $15 USD) with a introductory price of ₹499 (approximately $7.50 USD).

Flipkart, a key Amazon competitor in the Indian market provides a service called Flipkart First promising free next day delivery and discounted same day delivery. The cost of that service is also ₹499. The service first launched in 2014 and provides no video streaming benefits. 

Bezos and Amazon haven't been shy about their belief in the long term viability of success within the Indian market. I wouldn't anticipate the ₹499 price moving higher anytime soon.