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What Indian mathematician created a formula to rapidly calculate the value of pie?

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Ramanujan
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Is there a formula for calculating the value of pi?

Yes. There are several, but some are "hard to use" or "hard to understand" and some other ones, particularly the "simple and easy" ones take a lot of work (a lot of steps) to

Who created the pie math formula?

A piece of meat called Meat Head was walking round one day and thought what would happen if covered myself in pastry. He came up with the pie formula. Meat+Potata+kidney+gravy
In Proofs

What is the contribution of Indian mathematicians in the field of pie?

Many Indian mathematicians have made lot of effort on pi. 1)Madhava of Sangamagrama has also made huge contributions on pi. He was able to estimate π as 3.14159265359, which