If you are from India you should be seeing something similar to the above screenshot when you visit http://play.google.com/
There are hundres of movies available, starting from as low as 80 Rs to expensive ones priced at 490 Rs.
Unfortunately there are few few Indian movies available.in addition to Hollywood English movies. Perhaps they will be adding more Indian titles in the future including regional titles.
You can use this link to get to the movies page.
Now let’s hope they launch the Nexus 4 in India next month.