There is no commercial jet build in India, and if there where, no one from India would agree to board them.
India is HUGE and as they say "ya Sab chalta hai" or in english "everything works here".
If some airline bought 50 year old planes and started flying them, people will use it because it would be cheaper.
The crucial difference from train jumping off the rails its that there can in theory be survivors. Also, the train won't start to burn out and it's usually possible to salvage a lot of the equipment.
And before pointing any fingers, remember NYT cheering for the Iraq War...