Pros
The work-life balance in general is pretty good(of course that may vary depending upon the team and management). Engineering deadlines are not very aggressive and cisco puts enough resources so that employees do not have to sacrifice the personal commitments for projects. The growth is good especially if one joins from outside with 5+ years of experience. Senior Leaders from across the globe frequently visit India and hold "All Hands Meets" to give market updates and the position of Cisco and its products in the market. If one is interested in corporate social responsibilities, then cisco provides ample opportunities. There are about 20+ NGOs to which cisco India contributes.
Cons
The salary package offered to New Hires(of even top Universities in India) are not competent compared to many other companies with same brand value. If one joins Cisco from outside, the salaries can be pretty high depending upon one's current salary. Most of the Cisco core products(routers & switches) are stable, there is more of maintenance work than new development. I will not recommend some one who intends to start career at cisco India. This is a good place to work after gaining some experience in some company working on new products which provide ample opportunities to work on new product development.