However I can see that any entertainment that deviates from
the politically correct monotony of Bollywood could be interpreted as
profanity
Not really, we get "Will & Grace" here which is based on
homosexuality-which is still taboo in India. Nobody has objected to
that show being aired. The same applies for shows like "Sex and the
City", "Desperate Housewives", "Six Feet Under", among others
which
have sexual references the likes of which are generally frowned upon
in this country. As for Bollywood being politically correct, Hindi
movies have been made on everything from lesbianism to nuns having
affairs with married men. As such "profanity" refers to the use of
word which can be described as lewd or uncivil.
Remember too that much of European entertainment is not in
English, and I don't know the extent to which these films are translated
for audiences in India. Even if they are translated, it is difficult to
compete against the American marketting behemoth.
Quite a few BBC serials like "Little Britain", "The Office" etc. are
aired in India and have done reasonably well even though they got as
much (or rather as little) publicity as their American counterparts.