There are some really amazing Bollywood films. However, since they literally pump out like 1,000 a year, its hard to tell what's good and what's bad. Unfortunately, there is also the issue that just about every Bollywood movie has the same concept, and FORCES the movie to be 3 hours long.
Personally, I enjoy Pakistani Dramas which tend to be a lot more realistic and down to earth. Their recent push towards bringing drama directors to the big screen has also been quite remarkable, with the privatization of Pakistani media, through means of companies like GEOtv and ARY. The first of these movies being Khuda kai Lihey (In the name of God), which was filmed in the US, UK, and Pakistan and released internationally. Wonderful film.
Trailer:
https://www.youtube.com/watch?v=Hgcr-R-U7BA