So as a follow up to this thread, Air India did finally join Star Alliance. I am now braving them for the first time (well third time if you count two short domestic sectors). The total cost of my fare between Sin & Europe in J (SIN-DEL-CDG/MXP-DEL-SIN), 787 on all sectors. was ~$1500 AUD return, the only cheaper fares I could get on the days I am travelling were on Jet Airways or Air India in economy. The big downside with this fare - which is why it is so cheap - is the 14 hour layover in DEL, and unfortunately I didn't have time to get a transit visa, so will be stuck airside. Will look at a lounge vs paying for room in transit hotel for this layover.
Also, if I wasn't already star gold with SQ, this trip would easily get Aegean star gold as well.