Law point: I think, these kind of ofences also comes under IPC 302b culpable homicide. And there are instances were punishments upto 10 years were given.
Eliminate at the root: I believe, the road accidents happen mainly because people don't know the safe way to drive. Just driving a vehicle is not quite enough for one to become a driver... he/she should learn the good and safe behaviour on road as well; need to consider fellow citizens on road. For that, the entire licensing system need to be upgraded to meet todays' traffic scenario. Along with making driver understand the good road behaviour, strict enforcing also need to be in place.