This move will surely help BTC price to move upwarsds after the recent decrease in the price. 
The Indian central bank Reserve Bank of India (RBI) has established a task force that will assess the possible granting of legal tender status to Bitcoin and other virtual currencies. The central bank is also eyeing to draft a cryptocurrency regulation in the near future. The central bank is also considering digitizing rupee, with an outright dislike for Bitcoin.
This move by the RBI is expected to make India as one of the hottest countries for digital currencies in the near future. However, there is no clear plan of action yet on how the central bank will approach the regulation of the virtual currencies.
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