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No grammarian will be averse to using this phrase. However, the way it is deployed in India is interesting.
For example, the sentence "There's a lot of confusion" will become "Confusion is there."
In remote villages that see water supply only for a limited time in the day, you would hear the phrase: "Water has come" or "Water is there."
A newly wed couple, when asked, when they are giving the 'good news', might reply "Time is there", which translates in Hindi to "Abhi time hain."
"I can get the award, but this time a lot of competition is there."