The Economist says
that as of August 2010, Indian citizens can visit (approximately) 50
"countries and territories" without a visa.
I really wonder which ones they are.
Update (2010-12-24): According to someone else's research on the
timaticweb.com, Indians can
apparently visit the following twenty-eight countries without a visa:
Andorra, Bhutan, British Virgin Islands, Cook Islands, Ecuador, Egypt,
El Salvador, Fiji, Grenada, Guatemala, Haiti, Honduras, Hong Kong,
Jamaica, Kosovo, Macau, Micronesia, Montserrat, Nepal, Nicaragua, Niue,
Palestine, Seychelles, St. Kitts and Nevis, St. Vincent and Grenadines,
Trinidad and Tobago, Turks and Caicos, and Vanuatu.
In addition, the following thirty countries are said to grant Indian
tourists a visa on arrival: Bangladesh, Bolivia, Cambodia, Cape Verde,
Comoros Islands, Djibouti, Dominica, Ethiopia, Indonesia, Iran, Jordan,
Kenya, Laos, Madagascar, Maldives, Mauritius, Mozambique, Nauru, Palau,
Western Samoa, South Korea, Sri Lanka, St. Lucia, Tajikistan, Tanzania,
Thailand, Timor-Leste, Togo, Tuvalu, and Uganda.
(Don't depend on the accuracy of this list if you plan to travel to any
of these countries. Visa policies change regularly, especially for those
granted on arrival.)