The .bharat Internationalized TLD is already available in 22 Indian languages [1]. It isn't available in English however.

I personally don't think .in is going away anytime soon. The question you pose is already being pondered upon, like here [2].

[1] https://en.wikipedia.org/wiki/.in#Internationalised%20domain...

[2] https://www.indiatoday.in/technology/news/story/india-to-be-...