Already a good beginning has been made as can be seen at https://sites.google.com/site/efloraofindia/
At present I am still updating it with threads upto 17th May & still behind by more than three months.
I don't see this position improve in near future.
However, efforts of everybody is required to carry it forward. One may choose to improve it in a way one wants.
I think first step can be adding descriptions from Flora of British India (Copy & paste job), for which copyright has expired long back.
There are so many other possibilities.
Any member of eFI can edit it by a simple procedure like editing a Word document as per guidelines below:
'Creating awareness of Indian Flora & Fauna'
The whole world uses my Image Resource of more than a thousand species
& eight thousand images of Birds, Butterflies, Plants etc. (arranged alphabetically & place-wise): http://commons.wikimedia.org/wiki/Category:J.M.Garg
. You can also use them for free as per Creative Commons license attached with each image.