In reply to:
There are a billion people in India. They don't all look the same.
....Yeah. Regardless, very few of them look much like Freddie.
Though I'm not sure whether we're arguing ethnicity or casting now? I'm getting a little lost here. If ethnicity, according to wikipedia there have been mixed results on whether Parsis are closer to Iranians or Gujarati Indians biologically, but nevertheless, they are not pure Indian because most Parsi communities strongly shun intermarriage.
However, if we're arguing casting (which would make more sense), I really don't know of any Indian actors who have any resemblance to Freddie, even the North Indian ones.
John Abraham (he can't act, really, but I think he's closest in looks):
(I'm sorry, it's hard to find any decent photos of him where he's NOT half-naked.)
Hrithik Roshan (current Bollywood golden-boy):
Of course the other problem with Indian actors is that they are all built like something obscene, and I have no idea how they'd portray 70s era Freddie.