The title should be Why the Y Combinator model doesn't work in India YET.

The Silicon Valley has a classic chicken-egg situation where companies are chasing investors and investors chasing companies. Both are equally responsible for the valley's ecosystem and it took it a great deal of time and struggle to become what it is today.

Whining every other day that "OMG my country is so not valley, nothing will work here, we're screwed big time" helps no one. Be ready to take big risks. Be ready to grab every little opportunity. There's no reason why every emerging economy can't have its own Silicon Valley in the near future.