I've made these imaginary lists for some years, and always had Vinoo Mankad to partner Gavaskar. Because Mankad was a fine batsman (being part of a world-record opening partnership is no small change) and an excellent spinner as well. But Sehwag's claim to the spot is now too strong to ignore, and he can bowl some teasing offspin as well.
Dravid, Gavaskar, Tendulkar, Hazare, Kumble and Chandrashekhar pick themselves. (Well, I pick them ... but they are the automatics).
In the middle order: why Hazare? Why not Vishy, or Vengsarkar, or Laxman, or Ganguly, or Umrigar? Well, Hazare had the best average of them all. Plus he had two centuries in one Test against Australia -- against Bradman and co. That was a Test in which he also bowled Bradman. Admittedly, it was after Bradman had helped himself to a double-century, but a guy who bowled Bradman is a guy I'd be willing to throw the ball to once in a while.
In earlier versions of this list, I had MAK Pataudi in the middle-order too, mainly because of his captaincy. Pataudi was an intelligent, forceful captain (and a superb fielder and when in the mood, a devastating batsman), probably the best we've had. But now I think Dravid is on his way to being the best captain we've had, and if that's so, Pataudi doesn't command a place in the team any more.
Solkar? Here's my reasoning about this man. His electric fielding made him the secret weapon in our early '70s team, the edge that put that element of fear in opposing batsmen. The edge that made the famous spin attack so good. I've always believed that any team benefits from having a secret weapon, and that's why Solkar makes it. Besides his fielding, he could also bowl (gentle) medium-pace, and was a useful batsman (a century against Lloyd's West Indians, 18 not out in the 42 all out debacle of 1974).
Dhoni is, of course, making a case for the wicket-keeping place, but I think it's early days with him still. The real challenger to Kirmani is Farokh Engineer, and in fact I see them as essentially equal contenders. I think Kirmani wins simply because he played much more, proving himself over a longer period.
Kapil Dev, of all people, is a tough choice. I think Kapil ruined his case by his stuttering pursuit of a world record at the end of his playing days. He stayed on well past the time he could really command a place in the team, only because he wanted that record. In my book, this is nearly unforgivable. It raises questions about just what kind of team man he was. Still, earlier in his career he was unquestionably a marvel with ball and bat, and deserves a place for that alone.
The second pacer's spot is also tough. Srinath makes a strong case. But while I admired his bowling, I was never convinced he believed enough in himself, wanted to work hard enough, to be the consistently destructive bowler he could be, that we glimpsed now and then. It may be nuts to choose a man (Nissar) who only played a handful of Tests, but every description of the man speaks of his quality and real pace. In fact, the same can be said of his opening partner, Amar Singh. So in fact that spot is a tossup between those two. Other contenders, though not really serious ones, are Dattu Phadkar and Ramakant ("Tiny") Desai.
Chandrashekhar makes the team for his sheer unpredictability, that Solkar-like secret weapon quality. I don't think there's been an Indian bowler who could so quickly turn a match on its head like Chandra could and, often enough, did.
No offspinner in the team? Prasanna probably makes the best case, but I'm not sure how to include him before either Kumble or Chandra. You might argue that the spin department is unbalanced, but then again, Kumble is hard to classify as a pure legspinner. Plus, we know of the success Warne and MacGill, both legspinners, have had bowling together for Australia. What I wouldn't give to watch Kumble and Chandra bowling in tandem...
Subhash Gupte as 12th man: at his best, Gupte was the world's best spinner. Chandra pips him only because, again, Chandra played for a longer time.
Top four with batting averages of 50+, the fifth close enough to 50, a dynamic keeper, fine fast bowling, world-class spin and a match-turning fielder: I think this team has it all. It would run the best teams of the other cricket countries pretty close.
Other names, not mentioned above, that come close to selection: BS Bedi, Lala Amarnath, Vijay Merchant, CK Nayudu, Bapu Nadkarni.