http://www.financialexpress.com/news/flyers-have-to-declare-over-rs-10000-in-new-immigration-form/1226462

Its intention is to curb illegal import of prohibited items like gold etc, nothing specifically related to hobby but yet useful.

please read carefully it says will have to declare gold/indian currency (money) not goods worth/exceeding 10,000

"Passengers flying into India will have to declare Indian currency exceeding Rs 10,000 being brought by them, according to new customs rules which will be implemented from next month."

The article mentions about declaring "dutiable and prohibited goods" if total value exceeds Rs 10000/- irrespective of it being goods
or gold. Gold and now LCD tv's etc come under prohibited items, while rest of the items will come under there respective category . Now the minimum value of items you can get duty free depends upon different factors

for ex:All passengers of and above 10 years of age and returning after stay abroad of more than three days are allowed free duty articles upto a value of Rs. 35,000 on articles other than those mentioned in Annex. I. So if RC items exceed that value, it will be dutiable.

You can read the all the rules
http://www.cbec.gov.in/customs/cs-act/formatted-htmls/bgge-rules1998-ason-aug13.htm

There is also some info in travellers guide issued by customs, but it looks lil outdated since it doesn't contain LCD TV's in Annex I.
http://www.cbec.gov.in/trvler-guide_ason22may2013.pdf