My answer to that is should India be looking to emulate the west or should they carve out their own style? I would go for the latter.
Technically India has the skills to develop the effects required in these movies. However, the backers/producers etc need to step away from the "comfort" zone of mindless romance flicks that has plagued the Indian cinema for the last 20 years. Diversity is the key to any successful industry, more so for the film world. 30 years ago the Hong Kong and Japanese film industry relied on churning out chop-socky kung fu/karate flicks, over time they diversified and are now producing some amazing films. Even the Thai film industry's film quality is far superior to India's even though Thailands industry is relatively new as compared to India.
Now the west is looking at the East to provide its inspiration, unfortunately its bypassing India and heading straight for the far east.
To answer the question, yes there is every possibility of Indian cinema reaching the levels of the West provided it invests in quality rather than quantity.

I don't think so B'wood would make such a mark. Good movies such as Jail couldn't run though it had good script. Indian audiences would take romantic, comedy & some family oriented movies(south India)but not such intense movie. It would require great guts for a producer to invest millions on such movie which will rule out box office before it is shown.

Avatar was movie with new technologies and inception script was brilliant but without cgi effectts the director couldnot have able to have show what he has.this movies are also big budget movies which indian producers can never produce.

The way western world sees bollywood is indian dances/emotions/customs/traditions/and so called masala, which is quite right. Our films are made so because that's what our taste is. Coming to technology in fims, yes we are evolving and we are twenty years younger than hollywood indicated by the film 'Koi mil gaya' made in hollywood 20 yrs b4 as ET.

So Yes i think we can make such films but will take time as the audience taste is evolving slowly.

Bollywood need some time to reach at that level, after all it is 20 yrs younger than Hollywood. Bollywood has got so many great directors like Shekhar kapur, Dibakar Banerjee. The only thing behind the success of 'Avatar' and 'Inception' is the time given to them(both directors took 10 yrs(approx) to build the story). So Bollywood need some directors who can work for such a long time.. And i am damm sure about it that Bollywood can reach at that level.

i think its very difficult to reach B'wood in tat level in case H'wood they already proved wit such films....the producer should accpet such scripts n directors should direct in a right way...n they need to change....

Not really, we are only concerned about box office collection, our mentality about everything is sucess and money, whereas we do not really focus on the creativity as such nor we are objective, be it films or journalism or politics or any job we are all of the same, we are smart intelligent but too self centred and selfish in every possible manner so I do not think we can really challenge and make anything equivalent or good to show cause our real product of the world kind.

what was the question sorry? r u kidding me?
yeah mayb we can copy em ...50% of the concept. coz the remaining 50% we do not even how they cud execute it? our directors still tryin to figure it out. to make movs like that first our directors need to think. n they dont have time after doin all the slapstick comedies n candyfloss romance.

ya by coping them....we can reach.............