Depending on how it's been going so far, i would say India has a very good chance of going all the way... that being said, the next two matches would probably give us a clearer idea...
In my opinion India is not favorite to win this World cup, even though they are top contenders for the coveted trophy. One of the main reasons for India's unlikely success is the fact they are playing in front of the home crowd. Such big events like World cup brings a lot of pressure on the players. The title of being favorites adds to already existing pressure of home crowd expectations. Indifferent form of their best one day batsman Yuvraj Singh could also harm India's chances.
india will win this time world cuppppppppppppppppppppppppppppppppppppppppppppppppppppp.........................................................................................