Hi i am krishna
I want to make a smoke stopper but in india the smoke stopper bulb is not available so i find a bike indiactor's filament bulb which matches the watt and voltage to the 3157 autmotive bulb so can i use it???

Yes, you can use that alternative bulb no problem.

You can easily use a replacement bulb. The voltage has to reflect the power supply you are using. 3S or storage voltage 4S. So around 14V.

So a 14V bulb.

Watt / voltage = amp limit

Eg. 14W / 14V = 1A.

If you buy a 14W, 14V rated, then you will get an 1 amp smoke stopper.
For small quad, you want to limit amp to 1-2A. While larger quad about 2-3A.

I personally made a smoke stopper that I can switch different bulb and I also added a toggle switch to disengage the stopper. Unlike Oscar, which changes bulb filament.

https://intofpv.com/t-smoke-stopper-with-switch

Can I use a bulb which gives output current of 2.7 amps or it will fry my parts?

Most likely you will be OK for larger quad. But on smaller quad, you probably want a bulb in the 1-2A. The beauty of a bulb, your will see the short slowly light up the bulb. Gives you a split second to disconnect. Take note, the bulb will light up dimly than settle down in most situation. It is when it goes super bright that you have a short.