I think the strength of Australia's position is being overstated. I'd even call India a hair ahead (400AO par)...
Nah no way...even the Indian commentators were saying all day that 300 would be a good score.
The main issue with the pitch is not the amount of turn offered but the variable bounce. By way of example, in the first session, Ashwin bowled two deliveries which landed on a very similar length.
The first spun past Warner's bat and hit Dhoni in the collarbone. The second went practically underground and hit Watson on the shin plumb in front.
When the bounce is already that variable on the first day, you DO NOT want to be the team batting last. And when the bounce become random like that it is actually the pacemen, not the spinners, who pose the greatest threat because you have no time to readjust to the unexpected bounce (or lack thereof).
I would argue that Australia are comfortably ahead at present and appear likely to make at least 355, which is well above par.
That would mean India would need to make 400+ against a potent 4-prong pace attack, plus two handy spinners in Lyon and Clarke, to try to ensure they are not chasing an out-of-reach total.
And if Australia can get to 400 in the morning it will take something extremely special from India not to lose the Test.