CHIRPS is one of good high spatial resolution gridded rainfall data. It is comparable with gauge-based data over India and can be used for long-term analyses.
CHIRPS has shown good correlations for Convective rains, also Bias ratio is relatively better for these rains, due to the algorithm, applied for estimating rainfall values. Though, it may produce more False Alarms in humid areas. It varies through time and space. It may not work well along side coastal lands if long term values (for example, monthly) are used for evaluation.
One should have a good understanding of the Climatical features of the region under consideration, in order to answer this question properly.