The best Indian economics conference that I know is the NCAER-NBER Neemrana conference, which takes place in Dec/Jan every year. This year, one fascinating paper was by Robert Jensen of Harvard, who has worked on the impact of cellular telephony on pricing efficiency on the market for fish in Kerala. It's a great story, and Swaminathan Aiyar wrote his column in Times of India this morning using it. I haven't been able to locate a PDF of the full paper by Prof. Jensen. It's well worth reading - please tell me if you find the URL.
As Jensen emphasises, what is going on is the power of the `I' in IT. Putting better information in the hands of economic agents transforms their thought process and maximisation. I feel similarly about the work that's been done in India on bringing transparency to previously opaque market, by polling dealer markets. This includes MIBOR (done by NSE) and the NCDEX polled prices for the commodity spot markets (done by CMIE and CRISIL).
(Times of India has a really terrible website, so while I normally like to link to original sources, I have instead linked up to Swami's website. If someone from TOI reads this, please see these guidelines for you are violating most of them.).