It's the great carburetor debate!!!!
Believe it or not, there actually are scientific methods to select carburetor size based on engine design parameters.
The worst restriction in the Indian-made Bullet 500 inlet tract(disregarding air filter system) is the 28mm Mikarb. It has the smallest size area of anything in the inlet tract, assuming a fully open intake valve. So, it is apparent that when looking to reduce restriction in the inlet tract, that 28mm Mikarb would be the first to go, and of course the restrictive air filter would get tossed out with it.
How much larger you want to go, depends on how high you plan to rev, how much air this engine can gulp with this port size and valve lift, and how your vacuum metering signal at the carb jet behaves before you get idling instability.
A 30mm will match the airflow cfm that the Bullet 500 inlet tract can flow, in stock form, at the rpms the stock Bullet can reach.
A 32mm will exceed the airflow cfm that the Bullet 500 inlet tract can flow, in stock form, but it will match the port size, so there is theoretically going to be less unwanted turbulence in the port because the air isn't seeing pressure changes from varying diameters of tubes it's trying to flow thru.
A 34mm also exceeds the airflow cfm needed by even a wider margin, but since it then becomes the largest diameter segment of the inlet tract, velocity is slowed over the jet orifice. This can affect metering signal. If it idles well enough for you, then there's nothing wrong with it.
So, there's yer choices.
In reality, you don't see any benefit from the larger carb diameter until your throttle slide position is open far enough to uncover more area than the fully-open smaller carb.