I have just checked that Google has launched YouTube India, especially for Indians. This site is having all the videos found at YouTube main site but if you are on YouTube India, it will automatically show the current videos that India visitors are watching and featured videos are also relevant to the target audience (India). For this, they have signed up with many content creators for content distribution in YouTube India site.
Youtube.co.in and Youtube.in both will redirect you to http://in.youtube.com
Not only this; with YouTube India, you can also allow you to connect with local users and can share your views. Read more at http://in.youtube.com/blog