You can start by creating a product that changes India. Americans are predominantly the ones who do startups because America is the biggest player in the global economy, and no one understands American culture, desires, and needs quite better than America.
Look at Shaadi.com. A site like that would have fallen flat on its face in America. Conversely, a site like Match.com and eHarmony would be really unsuccessful in India.
You have a unique opportunity in India. There are tons of startups that could only be done in India, and not in America. These startups need to be done by Indians, not by Americans. The track record of American VC's in India isn't very good, they just don't "get it".
Historically, business in India has been dominated by the big family players- the Ambami's, the Birla's, the Tata's. This is because every business in India has a huge government overhead to deal with- it's hard to go above the mom-and-pop level without dealing with the corruption and bureaucracy that plagues India.
The Internet changes all that. More and more people are getting wired. The local politicians, the corrupt officials that want bribes, and all the other authorities can't control you in cyberspace. You instantly eliminate all that overhead!
So go and develop your idea! It's stupid to speak in terms of generalizations and stereotypes. Yes, there's a large culture gap between America and India- this makes it hard for Indians to innovate- it's hard to cross that chasm and understand our needs.
But there's nothing stopping you from developing a site just for Indians. The Indian version of cyberspace is basically like 1997. Everyone is still building these big "portals". Indian newspapers are still coming online. American companies are just using India as a bodyshop and not really serving India's needs.
Stop thinking about how India can cater to the US, and start thinking about how India can cater to India. Once India does this, India can control her own destiny and become the superpower it so badly wants to be.
--an ABCD