Large Email List of Indian Teenagers, ideas?

It's India. They have no money.

Monetize your website with Google adsense and place banners of products that has been sold by vendors at Amazon. E.g. Cell phone products and deodorants.

I think it is better that they optin and confirm. Create a humor stuff and email the list.
Some may buy phones and some may click on ads. While I can't estimate the earnings, you can have a chance to earn decent income if you do what I have said.

As for Autoresponder, I recommend Trafficwave. Because you can have unlimited lists and unlimited campaigns for just $17.95/month. Let me know if you want to sign up lol.
I might make some money.

a) Ideas on what to promote?

With a mailing list of teenagers it's unlikely that they will have their own credit card, PayPal account, to buy anything directly from you. So what you can do is create a blog that teenagers are interested in... first time dating, personality tests, quizzes, online games, etc. and monetize them with Adsense ads placed on your blog. You could also leverage them with discussions on your blog and benefits from natural search engine rankings.

b) What email services to use. A lot of people suggest MailChimp, Aweber etc. What about Amazon SES? They seem way cheaper. Any negatives?

I'm currently using Aweber and GetResponse. I have used many others including self-hosted solutions but always go back to the two main ones. I've been using them since 2008 and have had no problems with them. Personally I prefer Aweber's interface, but prefer GetRepsonse's deliverability.

c) Given that its a humor niche and from teenage users from India and estimate as to what the earnings could be on a mailing?

This depends on what Adsense ad will display, how much the advertiser is paying, what content is on your page to trigger that ad, and how responsive your readers will be to the ad. The best way is to put something together quickly, get an email sent out, and watch the results subjectively. At the very least you'll see how many clicks you'll get from your mailing. From there you can fine-tune and test what content your list are most responsive to... which will determine what type of content you'll be producing in the future.

d) If someone was interested in renting the list or buying the list. What would be a fair pricing point for a list like this.

A typical solo ad price is $0.50 per click but that's in the internet marketing niche. Find out what other solo ad vendors who have a list in the same market as you are charging then you'll have a good idea of what your prices should be. Take screenshots of your Adsense earnings after you've done some personal tests with your own site so you can prove to potential buyers what a mail out to your list is worth.

Remember even thought you've got 100k subscribers, it doesn't mean every single one of them is still active. You may only get 1000 clicks. That's why sending out an email, preferably free content or a gift would give you an accurate number of clicks, which you can then used as proof when you come to sell traffic.

dating would be a good market for you but won't expect much paid members however you can get thru advertisers

You can find out cpa offers from the networks that resonate with your main niche and can promote those to make some quick commissions..

Indian teenagers have access to internet on mobile phones in small towns as well, so a mobile app with the website or responsive website can be helpful.

teenage dating, calculating love quotient, mobile humour kind of things are what average are interested in.