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.