And this is why we're telling the OP not to do it. Whether he chooses to listen to all of us or act on "impulse" is and will be beyond our control. I know everyone in Canada, that got the X when it was launched, got it completely unlocked and carrier free, even from the carriers, because it's illegal to have carrier branding on the phone. Still, this stunt shouldn't be done either. It would be the same if the OP came to Canada, got one and flew back to India and had problems with it.
And yes, despite the crap that you read here in the forums, OP, the iPhone warranty is definitely not international. It is definitely limited to the country of purchase. So don't believe that if people tell you.
It is definitely not worth purchasing a phone in the US or Canada, only to not have it work when you get to India. Just wait. Even if you have to wait 6 months, then wait 6 months.