If you want to alter the H1B program, I'm all for auctioning off work permits. That's not an argument to eliminate H1B, that's merely an argument to replace it. I'm arguing against eliminating/reducing it and comparing many of those who favor it to Jim Crow types.
As for "brain drain", the same can happen with the black community. A black person may get a good job in white America and then leave his predominantly black neighborhood. He might then marry a white woman and never look back. Oh noes!
Similarly, a black person who attends Howard University and then works as a plastic surgeon for rich white women has also had his investment paid for by the black community, but the first world is getting the whole benefit. (Yeah, isn't it a bit disconcerting when I describe the black community the way you describe a nation?)
And again, like I said, these are all empirical criteria. Even if you have exact thresholds in each criteria which India currently satisfies but "Black America" does not, one could easily imagine a future where Black America does cross those thresholds. Should we bring back segregation at that time, and require black Americans to get a B1B visa to live and work in white America? If you oppose this, then your stated criteria are not your real ones.