In 1982, a human skull was found in the Narmada Excavation in a layer of volacanic ash between 75000 and 750,000 years old, closer to the 750000 boundary. It is either a homo erectus or a homo sapiens.
If it is a 500,000 year old homo sapiens, that will make it the oldest homo sapiens fossil in the world. But there appears to be some uncertainity around this. Bears more research.
http://ancientindians.wordpress.com/human-evolution/
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