India really aren't as strong as they have been made out to be by not just fans, but experts as well. Yes, they are ONE of the teams that are in the mix to be in the final. But the other teams in that mix are:
I would have India grouped equally or below these teams. Certainly not above. India's bowling attack, all things considering, is worse than these 4 teams, by a long margin.
The way NZ played against Pakistan, one can't rule them out either. If they can play that well in one match, they can definately win 2 big matches when it counts and make it to the final.
The West Indies are also capable of playing 2 good games, and seem to be playing well going into the next stage, and England may surprise in the knockout stages. Underestimate them at your perill
So, while Indian fans aren't wrong in feeling they are in the mix, i think the favourites tag, considering their bowling, is just wrong.
If they make the same mistakes as they did with their batting against Eng and South Africa, they will not make it to the final. If they finish the innings off with any sort of purpose, they have a very good chance of beating any team in the comp.