80,000 points will not be enough to get you in Business Class as far as I know on any airline to India. My wife and I just flew to India on Star Alliance using Continental Miles (which you can transfer from Membership Rewards). You need to get to 100,000 points at a minimum to include at least 1 business class flight. The coach segment is 40,000 miles and 60,000 miles in business. If you have United or Continental miles already, then this might be a good option. If you are short miles, then you can sign up for the Chase Sapphire credit card or maybe another Amex Credit card to get some miles quickly.
On a side note, the Continental flight from Newark (EWR) to Delhi in BusinessFirst was wonderful. It's non-stop 14 hours, and we slept for about 8 hours. The remaining time we were awake, we were constantly being fed great food or watching the movies using top-quality in-flight entertainment. Another Star Alliance option is to fly via the Pacific. You can use your United/Continental miles to fly Singapore Airlines -- as many have raved, the best airline in the world. Flying via the Pacific allows you to make a side-stop in a major Asian city as well (i.e. Tokyo, Singapore, Bangkok, Bali, Hong Kong etc.). Good luck!
Aap, I am going to Mumbai next week from Newark in CO. Right now I've booked economy ticket, but I'm planning to use miles (35k miles + $550 fee) to upgrade to Biz/First class. If you can give more info about the CO's biz class along w/ if it's worth, that'll be great. Thanks!