For ACs we have Akash, SPYDER and future Barak-8 and SR-SAM.
When developing BMD they heavily considered these requirements needed to be a good ABM at current scenario. This was integral part of the development. The possible counter measures which the incoming ballistic missile may carry are...
1) Decoys, balloons, anti-simulator decoys, radar decoys.
2) Wide maneuvers in its terminal phases.
Dr. Saraswat (Project Director Missile Defence, current DRDO chief) talked about this in Aero India 2009 seminar on Indian missle development.
YouTube - India's Missile Programme: Past, present & future by Dr. V.K. Saraswat 02 of 03 [audio fixed]
Thats why they are integrating all the systems radars (military, civilian and space based). The main advantage of 'No first use' policy is you can develop potential second strike capabilities, what India is doing.
They are not talking about one or two interceptors. India will deploy/launch four missiles for every Pakistani missile. According to Dr. Saraswat (Indian BMD programme chief) that will lead to 99.98% hit probability. Four missiles will try to destroy incoming ballistic missile at four different altitudes like 100 km+, ~50 km, ~25 km, ~15 km. If first one fails second one will take over, if second one fails third one will take over the job, if third one also fails than fourth one will do its job.
There is no surety of any BMD but this will certainly increase probability of hit! But its 100% correct that a BMD has huge psychological effects.