Events in the year 1987 in the Republic of India.
- January – Board for Industrial and Financial Reconstruction set up and became operational with effect from May reflecting concerns related to Industrial Sickness
- March – Magnetic Ink Character Recognition technology introduced for cheque clearing.
- 1987 Sino-Indian skirmish the second such conflict between China and India.
- 30 May – The Union Territory was split, and Goa was elevated as India's twenty-fifth state, with Daman and Diu remaining Union Territories
- 28 December – Indira Gandhi Institute of Development Research was established by RBI as an advanced studies institute to promote research on development issues from a multi-disciplinary point of view
- 1 January – Neha Sharma, actress and model.
- 20 March – Kangana Ranaut, actress.
- 25 April – Mallika Kapoor, actress.
- 28 April – Samantha Ruth Prabhu, actress.
- 17 May – Charmy Kaur, actress.
- 5 August – Genelia D'Souza, actress.
- 6 August – Aditya Narayan, actor, singer and television host.
- 19 August – Ileana D'Cruz, actress.
- 20 November – Sukirti Kandpal, actress.
- 1 June – Khwaja Ahmad Abbas, film director, novelist, screenwriter and journalist (born 1914).
- 13 October – Kishore Kumar, playback singer, actor, lyricist, composer, producer, director, screenwriter and scriptwriter (born 1929).
- 27 October – Vijay Merchant, cricketer (born 1911).
- 17 November – Akhandanand, exponent of Shrimad Bhagvata and scholar (born 1911).
- 24 December – M. G. Ramachandran, actor, Chief Minister of Tamil Nadu (born 1917).
Full date unknown