Yes,it does & a private company,Reliance found a more than promising gas reserve near the Krishna-Godavari delta on India's east coast.But it will take time to develop,so India will continue to depend on Iran,Qatar,Nigeria & God knows who else!!
Because of the past tsunami, much of the Indian Ocean is being hydrographically surveyed again. Many depths have changed by hundreds of meters. Perhaps these surveys will reveal even more encouraging news.
Correct me if I'm wrong, but isn't India part of a gigantic north bound land mass that is still crashing into Southern Asia? If that's the case, then I wonder about the possibilities of fossil fuels/oil and gas reserves just South of India (or where India was given the theoretical shift of plate techtonics).
I'm not a geophysist, so I could be way off.