Flew AMS-BOM a few days back and I think it's a solid PE+ product, hard product is similar to regional narrow-body business class offered by MH/AI/QR/EY and the like. It's priced very well - on par with PE of say BA/LH and much cheaper than regular J. Ticket included AMS premium security lane, access to the KLM Crown lounge, good baggage allowance, decent drink selection (all Indian drinks - Sula wines, Amrut Whisky, Stranger & Sons gin - which I thought was a nice touch). Seat is better than usual PE, though I found it a bit hard which was solved by adding extra pillows. Upgrades were being offered at €200 at check-in, which I thought was pretty reasonable. In spite of this, the cabin was only 25% full. Crew was friendly and sincere, but seemed a bit diffident and were clearly still getting trained. They mixed up food orders, took forever to serve the <15 people in the cabin. But worth considering at this price.
Also gives the flexibility to do separate one way bookings which are otherwise over-priced on EU-India J. India-EU / India-US one-way on J is usually pretty reasonable (55-60% of a return J ticket), so a good way to combine with a different outbound airline if you need that flexibility.