Chandrayaan I is expected to reach the moon around Nov 8 and has a life span of 2 years. Costing 80 M USD, Chandrayaan is carrying payloads for 11 scientific experiments including five from India, two from U.S. and one each from Germany, Britain, Sweden and Bulgaria.
Some of the specific areas of study to be conducted (Taken from the ISRO Website)
High resolution mineralogical and chemical imaging of permanently shadowed north and south polar regions
Search for surface or sub-surface water-ice on the moon, specially at lunar pole
Identification of chemical end members of lunar high land rocks
Chemical stratigraphy of lunar crust by remote sensing of central upland of large lunar craters, South Pole Aitken Region (SPAR) etc., where interior material may be expected
To map the height variation of the lunar surface features along the satellite track
Observation of X-ray spectrum greater than 10 keV and stereographic coverage of most of the moon's surface with 5 m resolution, to provide new insights in understanding the moon's origin and evolution