Why did you choose to outsource this project to India?
Cost, competence and resource availability.

In what ways did outsourcing to India help you?
Increased ability to act fast on changing demands.

How did outsourcing to India help you in cost saving?
40% to 50% on development and maintenance, somewhat less on support.

What was your experience and comfort level in interacting with an Indian company?
Slightly longer learning curve than with local consultants. Precision level in documentation of requirements must be higher; distance (physical and cultural) to some extent counteracts creativity. Neither of these are major obstacles, comfort level is good.

What were the key SLA parameters you were looking for in the agreement?
Cost, response (resource allocation) time, competence pool.

What problems did you face in doing business with India?
See question 4. Distance is an issue. 

Given the current backlash against outsourcing, how do you think it would affect your future decisions to outsource work?
Minor impact.