Are you only looking for Indian movies in the Bollywood genre? Because many of the movies of the great Indian director, Satyajit Ray, are available on DVD. The Apu Triology is really wonderful, particularly the first movie (Ray's first, too), Pather Panchali. They're sad movies, but they're beautifully filmed and acted.
There's also a movie that was originally made for TV called Cosmopolitan, about a first generation Indian American man and his next door neighbor, played by Carol Kane. There are some very funny faux Bollywood scenes featuring Kane. Roshan Seth plays the man; Seth played Nehru in Gandhi, and had a small role in Monsoon Wedding. He's got a wonderfully expressive face.