It would be nice if there were some more (any) technical details on the bike. However, I can't see someone generating more than a couple hundred watts on something like that. Even in India, the average household power usage is apparently about 3kWh/day (less than 1/10 of the average in the US and Canada). Even if we say a very optimistic 300W generated, that's 10 hours of pedaling.

It could keep a few LEDs on with an hour of pedaling, but I have trouble seeing, "...can power a home's lights and basic appliances for an entire day."