The six-nation tournament, which begins in Colombo on Friday, also involves Bangladesh, Hong Kong, United Arab Emirates and hosts Sri Lanka.
But passionate fans are keenly focused on witnessing another clash between the traditional rivals with Pakistan eager to avenge home losses, in both the Test and one-day series, earlier this year.
Experts, however, feel form would favour India to succeed again in Sri Lanka and in the Netherlands in August, when the two also play in a tri-series with world champions Australia.
The Indian team, led by captain Saurav Ganguly, built their reputation earlier this year by managing a 1-1 Test series draw in Australia where experts had predicted a 4-0 whitewash.
The emotional wins in Pakistan enhanced their status.
India's one-day team boasts a formidable batting line-up featuring Sachin Tendulkar, Virender Sehwag, Rahul Dravid, Vangipurappu Laxman, Ganguly and the explosive Yuvraj Singh.
Left-arm paceman Irfan Pathan has stepped up to emerge as the leader of the pace attack while in-form leg-spinner Anil Kumble will get support with the return from injury of off-spinner Harbhajan Singh, nicknamed 'Turbanator'.
Pakistan, on the other hand, have plenty of problems.
The defeat by India resulted in coach Javed Miandad losing his job to former South Africa coach Bob Woolmer.
Captain Inzamam-ul-Haq is still at the helm but the team has not fully recovered from the inquiry set up to determine if paceman Shoaib Akhtar had malingered in the final Rawalpindi Test against India.
Akhtar was cleared by a commission, which accepted he had hurt his rib cage during the match. Regarded as the world's fastest bowler, he will play in the Asia Cup but Akhtar's rocky relationship with Inzamam is said to be at its lowest ebb.
DEEPER IMPACT
New coach Woolmer is hoping for a quick turnaround, but there is bound to be severe pressure on the team. Another loss to India is unlikely to go down well with Pakistan's fans.
Cricket matches between neighbours India and Pakistan often have an impact far beyond the cricket field.
Their Test series earlier this year went a long way to help break barriers between people from the two countries, with thousands of Indian fans travelling across the border to watch the teams in action and meet long-lost relatives.
Though the political climate has changed with the right-wing Bharatiya Janata Party (BJP)-led government voted out of power in the Indian national elections in May, the Congress-led alliance is continuing efforts to restore peace in the region.
Unlike the meeting rooms of diplomats, on the field there will be no quarter given and none asked for.
