Hello friend,
There are Indian companies that have implemented 360-degree feedback systems:
1. Maruti Udyog - refer to the link below:
The Hindu Business Line: Maruti adopts '360-degree' appraisal system
2. Sapient India
3. Survey report from Cerebrus - concludes that most IT companies have implemented 360-degree
4. Some views of Kiran Bedi on 360-degree [I think she is the famous Kiran Bedi]
The Tribune, Chandigarh, India - Editorial
The appraisal feedback needs to be maintained confidential, and if the number of people is less, it becomes difficult to keep the confidentiality. For example, if I have two reporting staff, and one of them has rated me poorly, it will become obvious who the person is - in such cases, the employees may not participate or may not be candid in giving feedback.
Regards,
Nishikant