Yes. Indian Laws on Compulsory licensing are fair reasonable and/ or inconformity with the Paris Convention and WTO TRIPS agreement. Under Indian Law, any person interested may make an application for grant of Compulsory licence after 3 years from the date of the grant of the patent. A compulsory license can only be granted:
a. if the reasonable requirement of the public (domestic and foreign) have not been satisfied;
b. if the Patented Invention is not available to the public at a reasonable price;
c. if the Patented invention worked in India.
Thus it follows that if a Patentee is meeting the local demand for a patent at a reasonable cost, he can successfully prevent compulsory licensing.
In addition, in the case of a national emergency or extreme urgency for the purpose of preventing major disease like AIDS, Tuberculosis, malaria or other epidemics, the Controller can permit compulsory licensing irrespective of the above three conditions.