This will be India's best Olympics in history.
Gold medal contenders are - Deepika Kumari in Women's Archery, Saina Nehwal in Women's Badminton, MC Mary Kom in Women's Boxing 51 kg, Vijender Singh in Men's Boxing 75 kg, Gagan Narang in Men's Shooting, Ronjan Sodhi in Men's Double Trap shooting, Krishna Poonia in Women's Discuss Throw, Abhinav Bindra in Men's Shooting, Sushil Kumar in Men's Wrestling (don't remember the weight category). There are outside chances of one of the new boxers, wrestlers, shooters or archers ending up with a surprise gold medal. I'm expecting at least 3 gold medals from among this lot. Luck permitting, the count may be more.
There will be other medal contenders in Mixed Doubles tennis Leander Paes and Sania Mirza; other boxing, wrestling, shooting and archery events, Women's Doubles badminton; Vikas Gowda in Men's Discuss Throw. Plus some of the gold medal contenders (in the first paragraph) will end up with silver or bronze medals.
We aren't likely to win a medal in Hockey, and anybody coming close to a medal in Table Tennis or Swimming will surprise me a lot.