I think you got it wrong, Arjun. I do not doubt (or cannot comment on) the abilities of most players you mentioned. My only contention was that players like Muzumdar and Bangar have a lesser chance of getting into the side than AA. A minor point, really...
Mazumdar is not a bowler, but he's definitely a better batsman than some of those who have played for India in the recent past (Badani, Khurasiya, Bharadwaj, Rohan Gavaskar, out-of-form Yuvraj) and deserves a place as a reserve batsman for the Indian side. There is talk of getting young batting sensation Ambati Rayudu into the national side- but a look at his recent performances (he's had a terrible Ranji season) as well as his batting technique (is there any?), there is no way he should make the India side ahead of the old hand from Mumbai.
Bangar's past it- there's not much he can do now as bowler, batsman or fielder. All I said was that he's a better bowler than he is a batsman, but he lacks pace and power. However, some young bowlers should follow his example and practise their batting.
Agarkar is more likely to make a playing XI than either, but only relatively.
As for Amit Mishra, the Haryana leggie was first picked for a tour match against Zimbabwe (if I remember correctly, at least that was shown on television) and he took 6 wickets in the match, in an innings. He has been considered as an A-team regular and the selectors have been watching him since 2002, when he was only 18. He was picked for a one-day series in Dhaka, which not too many supported, since ODI's are not easy for a legspinner, but he's a good batsman and fielder (better than Kumble) and provides variety in the attack, so he may be considered as Kumble's replacement in ODI's. Then again, there's Yusuf Pathan. Still, Mishra is one player to watch. Not sure who the skipper was- Mongia (Punjab, since you mentioned it), Ganguly or Ratra (Haryana).