Lets get right to it. Parents up to 45 years old may adopt from India. Parents fifty years and above may adopt older children.

Upon further research I have come to belive it depends upon both the orphanage and the agency you deal with as to the exact upper age limit. Here's the rest of the info complied from various sources.

(Resource links below)

Generally, applicants 30-45 years of age may adopt an infant from India (Combined married parents' ages can be up to 90). Older parents may be able to adopt a toddler.

Age requirements vary by orphanage, If one parent carries an Indian passport, this is considered a domestic placement and the child will be younger at referral, as international clearance is not required.

India will not place a child with a family with a history of substance abuse, criminal background, prospective adoptive parents on medications for psychological issues or a history of unstable relationships.

Married couples may have 0-3 children in the family. For larger families, exceptions can be made depending upon circumstances.

Single parents must be no older than 45 years and may have 0-1 child in the family at the time of referral.

Families may choose the sex of the child they wish to adopt (however, this may extend your wait for a referral).

Couples must be married at least five years. One divorce each is allowed. Proof of infertility or secondary infertility is required for Kerala.

Adoptive parents of Indian descent are encouraged to apply.
India will not allow the adoption of a child by a gay or lesbian person.

The time between submitting dossier and having a referral of a child is typically about 4-8 months.

Due to popular opposition to the adoption of Indian children by foreigners, there have been reports that non-resident Indian applicants are being given preference in intercountry placements.

Links:
Rainbow Kids

India Adoption
International Adoption Blog