I think I can somewhat relate to where you are coming from. I did my Bachelor's in Engg from Mumbai in 2001 and then went to the US - did my MS there, dabbled in Google SoC, worked in a Sunnyvale startup, lived in SF for three years and have just returned back for good to Mumbai last week after living away from here for eight years.

The plan for returning here was to start something of own.

One of my key reasons for returning was the cumbersome H1B/GC process. After living in the US for five+ years I was still three years away from getting a GC. And this is hugely limiting if you want to work for a real early-stage startup which is where the real excitement is.. and they can rarely sponsor H1Bs.

There is an article by Paul Graham on Founders Visa - http://www.paulgraham.com/foundervisa.html. Honestly, until this becomes are reality I would say that having a H1B and looking for work with a real YC kind of startup is not really feasible and rarely works out.

I do not have answers for the questions you have asked above. But I can share some of my experiences of working full-time in Mumbai, Bangalore and the SF Bay Area.

One thing you have got right for the startup mindset is your desire not to work in the kind of onsite/services jobs that the "big" IT firms from India provide. If you feel you would like to explore some creative/innovative technology start-up type of work there is a good chance you'll have to form your own team and take the leap. While I agree with you that the start-up culture in India is different - I'm not sure I can completely grasp what you mean by efforts/returns ratio is inadequate. "Returns" is very subjective.

I think if you work on some of the strengths of having a start-up in India but with global reach and applications - then there is no reason why you would not be able to get adequate returns as well as the kind of satisfaction.. if that is also something that you are looking for.

I'm available on email to discuss this further..