is there any official froyo upgrade from samsung for galaxy 5 in India?
There is an Asia Froyo firmware released by Samsung. It's available on the http://www.samfirmware.com repository. You'll need to register and login.

You can then flash this official un-modified firmware by using the ODIN software.

I5508ZCKP2 is the Jan 2011 released Froyo firmware update for the Galaxy I5500 or Galaxy 5 as it's known otherwise.