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I cannot comment on whether this salary is good for your job level, since you didn't mention anything about your job scope, seniority, education and work experience.
But it will afford you a very good lifestyle and savings, especially as long as you don't have kids. Even if you spend half of it on rent (which is very possible), you can live well off the remainder.
Taxes are low in Singapore and can be calculated at

125K S$ =  5855476.45 INR
Not a bad salary, IMO 
After 2 persons all expenses and tax you have some disposable income which you can save.
If you are family oriented guy with thrift habit, you can save more!

Thanks guys, I am an MBA with 5 year exp.. Job in Singapore is in banking at associate level ... From that perspective, does it sound like a decent offer? You have mentioned half of the salary goes into rent which implies around 5k per month. Are rents so high?
I am also not sure if i am better off with my current job in India which as i said earlier pays me around INR2.6mn after taxes. Any suggestions please?

Rent and food depends your thrift 
You will get good accommodation below S$3000
Then food, electricity, water, gas...
It's all depends you to accept this offer or not. The good thing is that you can move and work, meet variety of nationalities with different culture, explore your career...

I have messaged you the details Nikhil.

If you post here in the forum, it may help others too 

rajrana1981 wrote:

I have messaged you the details Nikhil.

the offer sounds great with a 5-year exp. as long as you live within your means, that offer can suffice

Thanks all..Mostly won't take up the offer

Please give me your feedback on St. Joseph's Institution International, singapore and N.P.S. Singapore!

Your salary so high. Can I go outside your house beg for money?

granturbo wrote:

Your salary so high. Can I go outside your house beg for money?

Begging is illeagal in Singapore and can get you into trouble.
But for your information: The average Singapore household (a couple with 1.2 kids) has an income of S$10k/month - and foreign families with kids need more to have a comparable living standard (due to higher rent and school fees). So if you want to be envious (or just feel miserable because you have less), then you might as well look at many, many Singaporeans.