Indian city in good fortune at the present time (7)
I believe the answer is:
lucknow
'indian city' is the definition.
(I've seen this before)
'good fortune at the present time' is the wordplay.
'good fortune' becomes 'luck' (I've seen this before).
'at the present time' becomes 'now' ('now' can be a synonym of 'at the present time').
'luck'+'now'='LUCKNOW'
'in' acts as a link.
(Other definitions for lucknow that I've seen before include "having trouble in eighteen fifty seven" , "Indian city, capital of Uttar Pradesh" , "Indian metropolis" , "great relief" .)