Google announced a worldwide contest for student community to participate in a set of opensource projects. This contest is an extension of the Google Summer Of Code program. The contest is open till Feb 03 2008. More details and faqs at the project home page. The technologies covered are of wide range, from Apache foundation to GNOME to Python. One interesting fact for me is that the entry level age is 13 years. So if you are a teenage student, then you are eligible. How nice!
I am sure students from India and other countries can make a good use of this contest.