I think your argument about visibility is valid. Personally though I would rather see a /india added than a fork of the community here... and ultimately I think we would all benefit more from collective engagement (and perhaps some "technological adaptation"-- a la code pushes from pg/contribs) rather than divisive isolation (HN is niche enough already)

"However things like payment gateways, local events, feedback on startups focused on Indian markets are not very global and may not interest a large majority of hackers here."

I personally would love to read articles or posts on payment gateways, how they differ region by region, who controls what market, major players, how their systems work, how their businesses and pricing schemes work, highlights of their unique adaptations, or things certain providers are doing that set them apart or allow them to succeed in their particular market.

I think that's exactly the sort of discourse that should be taking place here; "what's hot in silicon valley" is great --and we get plenty of that-- but broader discussions on things like opportunities in emerging and rapidly growing markets should as well.