This mail is regarding career guidance that I need at a very critical stage in my career. Before hitting the key-point, I would like to introduce myself as a software developer from India having an experience of one and a half years in Java and C development.
No idea about the job market in India (probably better than here in the UK!), but my general impression is that there is a lot of PHP work around, because there are lots of (mainly open source) PHP websites around. But this work tends not to pay very well, and AFAIK not many people use PHP for their "enterprise" applications. If you were a specialist in building "enterprise" modules for the higher-end tools like Drupal or Typo3, then there might be a bit more scope for interesting work with PHP, but it doesn't seem to be a well-paid area generally.
Finally, Java will be around for decades, and India seems to have a lot of this work, so keeping your Java skills up to date seems like a sensible idea.
In the end, you need to think about what kind of work you want to do, how much you want to earn, and what kind of skills will be useful to you not just now but in a year or two's time.