There is one already. It's called RISCOS. Sure, it needs some work (like pre-emptive multitasking and SMP, okay a *lot* of work), but it's small (the OS uses 6Mb of RAM) and it's very fast. And there's already a reasonable amount of software available for it, plus a working GCC implementation, so more can be ported.

It just needs volunteers. Preferably ones who will happily write hand optimised ARM assembler...

And that's the exact reason you're unlikely to see them reinvent themselves the way Apple did. Apple did it because they had no choice - they were getting their asses handed to them in every sector they were in, they were haemorrhaging money and were on the verge of bankruptcy. It was a do-or-die move.

Microsoft have no need to copy them. They may not be raising the roof on the stock indexes, but they're still making money and because of that, inertia will mean that they'll never look at the kind of radical solutions that Apple did; it's easier to play the safe game and make smaller profits for less risk.

Hang on, we're still talking about India here, right?

Uh, no. No it isn't. Not even vaguely, in fact. 240V effectively *is* the DC equivalent (ignoring rectification losses), the PMPO (ie. peak voltages your 50 or 60hz sine wave actually hits) will probably be around 380v though. If you want 380VDC, then you need the same or more AC.