As a (relatively) young person working in the corporate, I side with 5-day working week. Especially in a city like Mumbai, where one spends considerable time in traveling also, the work days tend to get longer, leaving one very little or no time for personal space during the weekdays. Also we don't have American/European culture of strict adherence to work hours, and they get stretched a lot longer.
Weekends having 2 days can be used to rest AND to unwind, relax, socialize and give time to yourself. On a lighter note, these 2 days also sometimes seem short, but one can manage.
I am assuming 2 day weekend becomes helpful to married women, mothers or even working couples to catch up with each other, with family, children and connect.
This is a one-sided comment and I haven't considered effects on productivity and so on. The comment is purely as an employee.