Merchant and Ivory, better known for their period drama's (ie, Howard'd End, etc) did one of their first films on the Indian movie business.. long, long ago.. even before Shakespear Walla, which was set in early post colonial india.
for while, these movies were broadcast on a local UHF station prime time on saturday night, and i would some time watch them.. they are funny and intestign, and better than mexican soap operas.. they are most definately better after a few drinks..