Anne Marie McCaffrey Reminds me of the saddleback caterpillar - but that's an American species. Perhaps the same family: Limacodidae
KeithRoragen Reminds me of a slug caterpillar, family Limacodidae. Many can inflict painful stings with their spines.
ceherzog Looks like the Indian equivalent to our saddleback caterpillar http://www.bing.com/images/search?q=saddleback+caterpillar&qs=IM&sk=&pq=saddleback+&sp=1&sc=8-11&form=QBIR
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