Folk knowledge about India is current in Europe (5)
I believe the answer is:
loire
'in europe' is the definition.
('Loire' is part of 'europe')
'folk knowledge about india' is the wordplay.
'folk knowledge' becomes 'lore' (I've seen this in another clue).
'about' is an insertion indicator.
'india' becomes 'i' (phonetic alphabet: alpha, bravo, charlie etc.).
'lore' enclosing 'i' is 'LOIRE'.
'is current' acts as a link.
This may not be correct. Some or all of it may be part of another bit of the clue.
Can you help me to learn more?
(Other definitions for loire that I've seen before include "valley famous for its wines" , "banker" , "European river" , "River flowing through Tours and Nantes" , "French river (Orleans, Tours, Nantes)" .)