I seriously doubt that they would. First of all they would have to qualify for the super 8 if any upset match happens and they are defeated by Bangladesh who are in their group, then there is ample amount of chances that they might not be able to make to Super 8 for then they have to defeat SL and that too with a big margin. Further even of they make to Super 8 their they would have fight out against all the other big teams to make to last 4. I seriously doubt in their current form or at this confidence level they would be able to defeat anybody be it Australia, South Africa, England, New Zealand, West Indeas or Pakistan.
India has to seriously improve a lot metally before they take on the big guns. It still appears that the players are not there 100% mentally.