If you are looking to stay on and work in India, it's probably a good idea to go out looking for people and companies doing interesting work. I'm sure there are some.
Where are you based?
I hear there is a good startup scene in Bangalore. I know at least one friend who's recently moved there to set up his startup. I can put you in touch with him.
I've even seen some incubator programs (being touted as "India's YCombinator"):
http://www.paisa.com, based in Pune, is an interesting company and I think they are working with some interesting technologies too. I exchanged email with one of their founders recently and they sound like fun people.
This old thread might be useful - http://news.ycombinator.com/item?id=54085
Feel free to drop me an email.