Little is known about how the accident in June affected Air India, but apparently, at least short-term bookings have significantly declined.
This also explains the current, quite worthwhile promotion in their Maharaja Club: All reward bookings on Air India flights in August are discounted by 25% for trips completed by September 30.
At least if you are satisfied with Economy Class, you can make a real bargain, with a round trip from Europe to India starting at 45,000 miles. The same flight with Star Alliance partners would cost 120,000 miles in the program.
In Business Class, the price for a Europe flight with this promotion starts at 135,000 miles, which is somewhat less attractive considering that other programs offer a lower standard rate here.