I've not read many Indian Authors when it comes to Fiction. (I want to read immortals of Melhua though. That one is looking definitely promising.) Chetan Bhagat... well I'm more of a fan of his opinions which he expresses through twitter and his non fiction write ups like columns in Newspapers and speeches. I've read two of his books, but wasn't impressed too much.
But poetry is a different story altogether. Such great poets, such amazing flow of thoughts, such amazing words, rhymes. Neeraj is a magician. (He has written the hindi song Phoolon ke Rang se).
The top on my favorites list would be Harivansh Rai Bachchan. And not because of Madhubala :) My favorite poem is "Nagin" written by him. I am in awe of him. The seamless words which flow like water in his poems makes it look as if they're some sort of superfluous wealth which Bachchan ji wants to spend off extravagantly :)