Yes, the idea does not sound feasible in the present conjucture. If the South Asian Free Trade comes into existence in next decade, the situation could change significantly.
>I am also dubious of the notion that the new regime in Afghanistan
> will remain friendly for very long with Pakistan (Isn't Hamid Karzai a
> graduate of Indian colleges?).
It appears that Karzai does not have much power or influence. He is seen as a figurehead. Hostile relationship with Pakistan is not among the immediate priorities of the Afghan government. US does not want Afghan-Pakistan conflict in any case.
> For some time there have been discussions about building either an
overland
> (~$3 billion) or deep underwater (~$30 billion) pipeline from the Persian
> Gulf to Bombay.
I am not sure if the cost of underwater pipeline is as high as $30 bn.
>As long as hostilities remain a fact of
> life on the sub-continent India will have to rely on getting gas and oil
> from tankers.
There are alternatives: Bangladesh is said to be sitting on top of huge gas reserves. Unocal has proposed a gas pipeline between Dhaka and New Delhi. Myanmar is being identified as another source for India.
Ulhas