Well, the question isn't about whether we ought to be taking the Bible literally or not; we ought to read the Bible 1. In the context of all of Scripture, 2. In the context of the Canon (OT and NT), 3. The genre of writing, 4. The context in which the original writing was received. It would be wise in some cases and foolishness in others to presume that we (as individuals or the church gathered together for worship) ought to directly put us in the text.
First, let me say I am an American by birth and a Quebecker by Choice. I have lived in two relatively different cultures. Because of this, how we read the texts will be slightly different. India traditionally has a much more traditional understanding of authority and hierachy and the notion of preordained rules (from such things as gender, social class, and economics). This is what we were traditionally taught, please correct me if I am misrepresenting your culture.
The United States, in contrast, was historically founded on much more liberal and egalitarian values. This is why the argument for gay marriage has gained so strongly. This is not to say the country has always been true to its roots, but generally over time it has pushed for individual right and egalitarianism.
In my mind women wearing head garments are not Biblically obligatory. But I am not an egalatarian. I believe the NT forbids women from governing the Church and from being the regular Bible teacher/preacher in the context of Christian Worship. Am I being inconsistent? I do not believe so. When Paul says that, this was because many women were abusing his own concept of Christian equality (Gal. 3:28) and ignoring the creational difference we have on earth. The context in which men and women are completely unequivocally equal is in the manner of justification (being reconciled and forgiven by God). Not sanctification (the living out of the Christian life). In the Greco-Women world, women still had traditional gender roles in society. And this was extended to clothes and head coverings. In a misapplication of their Christian freedom, they hurt the name in Christ and were willing to cause social chaos. Christians were seen as insane not for their belief in the foolishness of the cross, but having a chaotic social order. This is why Paul using apostlic authority to command them to wear them so that may live peacefully amoung all persons. Paul wanted it to be clear that Christians believed that God had instituted gender roles from creation and that the world would see it in practice.
In our context, how we show the creational difference (though let me be clear: difference doesn't mean different in value or worth but in the context of the home and the church) is logically different. In Civil society it makes no sense for women to wear head coverings (though in the NT that would have been what Paul was commanding literally to the readers of his epistle). In the Church and family, how today we show it? Well some don't. They call themselves Christian egalitarians or feminists. I disagree with my brothers and sisters on this subject even though I love and respect many. But the majority do who profess belief in the authority of the Scriptures. Each church and family will handle it differently.
If your curious about this subject there is an excellent organisation that is devoted to thinking and publishing (mostly all for free) about this subject called
Council for Biblical Manhood and Womanhood (cbmw).
I hope I was of some help.