Indian - someone of Aryan or Dravidian origins. Although personally, I have no problem with the idea of native Americans also being called "Indians" from the point of view of clarity.
Feelings - none, really, associated with the word itself. The fact that two of our closest friends are Sri Lankan and Fijian Indian means, I guess, that there is some warmth there, but then I only think of their origins when something (like Shanks' question) brings it to mind. Friendship has nothing to do with race or colour, per se. If I think about the country itself, I have three very clear memory-pictures which sum up the amazing contrast that one encounters on the sub-continent.
I guess the noun/adjective point brought up above has little meaning for me in practical terms. Most country names can either be noun or adjective, as in "He comes from New Zealand" and "He bought New Zealand butter".
FWIW
