Considering the debate here in America has been about legality of gay marriage, it shows how much road we have to travel to reach the stage of being a mature society. At the very least it gives the law enforcement much lesser sweeping power to police what goes inside a bedroom and treat homosexuals to a different level of personal rights. The law though might not change the current indian society's perception to homosexuality anytime soon.
Islam does look down on homosexuality (to my knowledge), but I'm not really sure on Hinduism's view on it. Hindu mythology has quite of few characters of the "third gender", so the very act of being homosexual has been observed from centuries. It will be interesting to see if now the real debates do start and whether the indian communities will be more welcoming of people unlike themselves instead of ostracizing them.