As expected, Google today launched an Indian edition of YouTube at in.youtube.com.
While YouTube India website will have all the video content that is available on the main YouTube.com site, including TV shows and Bollywood Movies, the trending videos will be the ones that are driving viewership in India.
YouTube has also partnered with content creators in India for them to distribute their content on YouTube India website.
Update: youtube.co.in now redirects to in.youtube.com

