Got my new card, American Express Travel Credit Card.

https://www.americanexpress.com/in/content/platinum-travel-credit-card/

Fees: Rs. 3500 Joining Fees
Renewal: Rs. 5000 / year (negotiable with the call center, retention department 🙂 )

Sign up bonus: 5000 Bonus MR (points) worth Indigo Vouchers worth Rs. 4000
Milestones:
After reaching Rs. 1,90,000, 7500 Bonus MR worth Indigo Vouchers worth Rs. 6000After reaching Rs. 4,00,000, 10000 Bonus MR worth Indigo Vouchers worth Rs. 10000

You also get 1 Mr for every Rs. 50 spent, so for Rs. 4,00,000 you would get 8000 MR for which you get Rs. 4000 worth Indigo Vouchers.
And you also get Rs. 10,000 worth Taj vouchers after reaching the 4 lakh milestone.

So for the first year, you spend Rs. 4,03,500 for which you get a total value worth Rs. 34,000 ( 8.43% value)
For the second year onwards, you spend Rs. 4,05,000 for which you get a total value worth Rs. 30,000 ( a 7.4% value)
Pretty neat for a credit card.
The second best card would be the Citibank premier miles card which gives a 5% value for air ticket spends and a 2% value for other spends.