Yes, you can recharge your Google Play account with Paytm. Here is the guide: https://blog.paytm.com/now-recharge-your-google-play-account-with-paytm-1a927b44476a
You can also purchase Google Play gift vouchers and redeem the amount on your Google Play account, here are the places from where you can buy: https://play.google.com/intl/en_in/about/giftcards/#giftcards-retailers