There are a number of commercials I think are really clever and there are some that stand out because they're so bad! Currently on TV: I cringe when the Royal Challenge whiskey (or non whiskey since it's surrogate advertising) ad comes on and "Jai" does his extremely bad, tongue-hanging out attempt at salsa.
On Radio: the Just In Vogue spot - I want to hurl every time "India's first luxury retail chain" comes on air. Can't they afford a decent production house? Sheesh!
A few good ones on radio are the Vodafone customer care ones (O&M) and Meru Taxi service. :)