If the material is of extraterrestrial origin it would be of overwhelming importance. That said, it should be noted that colored rain has been observed in many places (primarily in South Asia) and for many years. In those cases of biological origin analyzed to date, it has been shown to be caused by the presence of terrestrial organisms. The most commonly reported cause of colored rains in South Asia is pollen that is excreted in the feces of bees. This type of colored rain has been reported to occur in a range of colors. I cannot find any report as to whether the rain reported in Kerala was subjected to PCR analysis; this could show the specific species involved. The organisms responsible for the coloration have undergone considerable degenerative change, and of course will be contaminated with dust, so neither microscopic inspection nor elemental analysis are likely to be helpful. The extended period (weeks) and wide area over which the red rain fell, not to mention the enormous mass of the total rainfall, without any impact crater or fireball, make it somewhat difficult to see how an extraterrestrial source could be responsible.<br /><br />That said, the material deserves careful biochemical and biomolecular evaluation, which hopefully will provide clear evidence of the source. Until such analysis is available, it would not be productive to speculate in the absence of facts.