From this film I can see that India animation may become bigger than Disney and Pixar. We have so many great stories to tell and a lot of History. Hollywood is a mature industry and I can see Bollywood Animation become the new Animation centre of the world.
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Better than Disney and Pixar? No way! Have you paid attention to Pixar's stories and techniques? Dreamworks has been good too, but doesn't surpass Pixar. Though I think Kung Fu Panda and How to Train Your Dragon were on par with Pixar.
Animation isn't only about the technicalities. It is also about the artistry - and sorry to say - India hasn't yet shown any artistry in this field.
You think Indians will be on the top in animation in a few years or so? Think again. They'd have to leave behind Japanese animation (which is awesome, at many times even better than Disney and Pixar), Korean animation etc. This won't be happening until Japan and Korea stop producing animated films.