According to technodify.com, Android 5.1.1 OTA Update is now on its way to LG Nexus 5 owners in India. The update is going out as a 24MB download, and you need a Wi-Fi connection to pull it down.
This one is a maintenance upgrade the primarily brings bug fixes and stability improvements. The build name is LMY48B, you can find the nitty and gritty details here if you want.
As LG just started rolling the update out, it may not have hit your device yet. To check for it manually, all you have to do is head into the settings menu and navigate to Settings > About > System Updates.
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