There are several 'types' of Indian police with differing levels of training, duties and capabilities. The cops at the train stations (as the ones being discussed here) are part of what is known as the Railway Police. They are nothing - in terms of arms, capability or even training, like the police/ swat teams I have seen in the NYT Grand Central Station (for example).
I am not even sure these guys even had bullets; basically there are around in a 'here I am' kind of way. Their role - handling petty criminals (pickpockets), sorting out altercations etc.
I still think the cops should have reacted so the criticism is fair; but it may give some context to say that theses guys were like the officials I have seen outside schools in the US directing traffic (forget the term for them). Also most (99%) of cops here have antiquated equipment to begin with.
As for the other types of cops, just want to note that three of Mumbai's top police officers lost their lives leading from the front a few days ago. There are several other kinds of cops.
Bean there done that, with a slap on the head for burning up magazines.