It's a fake. In fact, it appears to be the same (photo-shopped) photograph used in countless stories on the subject. There were similar stories of "giant skeletons" found in the U.S. Often, these accounts are sensationalist tabloid stuff...and usually false or misleading.
Part of the reason for its proliferation is a religious one. There appears to be a few folks out there that want to believe these skeletons are the biblical Nephilims that supposedly roamed the Earth before the Great Flood from the Book of Genesis. Finding these skeletons can prove that the events in the Bible actually happened (at least in the minds of true believers). I'm not sure if this applies to the one found in India.