I'm an Indian, presently in Gurgaon (within National Capital Region) and yes, there has been a blackout since past few hours.
As to homes and office, situation is not so bad because blackouts are such an everyday occurrence that diesel generators in apartment complexes and offices are *very* common. The immediate real effects are to infrastructure i.e. Railways and Delhi Metro (mass transport).
Now to address the system, a good reading : http://en.wikipedia.org/wiki/Electricity_sector_in_India
relevant parts from first paragraph:
The per capita average annual domestic electricity consumption in India in 2009 was 96 kWh in rural areas and 288 kWh in urban areas for those with access to electricity, in contrast to the worldwide per capita annual average of 2600 kWh and 6200 kWh in the European Union. India's total domestic, agricultural and industrial per capita energy consumption estimate vary depending on the source. Two sources place it between 400 to 700 kWh in 2008–2009. As of January 2012, one report found the per capita total consumption in India to be 778 kWh.
India currently suffers from a major shortage of electricity generation capacity, even though it is the world's fourth largest energy consumer after United States, China and Russia. The International Energy Agency estimates India needs an investment of at least $135 billion to provide universal access of electricity to its population.
India's electricity sector is amongst the world's most active players in renewable energy utilization, especially wind energy. As of December 2011, India had an installed capacity of about 22.4 GW of renewal technologies-based electricity, exceeding the total installed electricity capacity in Austria by all technologies.
We do have a major problem on our hands.
1. Demand *far* outstrips supply.
2. Distribution losses are high. Illegal tapping, faulty meters, old equipment and corruption being leading causes.
3. Free/cheap electricity provided to agriculture sector and collection of dues waived due to vote-bank politics.
But we are working on it:
1. Looking into renewable energy like wind and hydro in a major way. (see quote above and wiki)
2. Major investment into Nuclear energy.
Environmental groups are slowing down development of the above though.