This is a lovely essay, with some heartwarming sentiment, but at its core, it is misguided. He fails to ask, "Why are IIT grads so certain that they'll find better jobs outside of India than they will in India?" And the answer is twofold. First, the corruption and bureaucracy of the Indian government makes it very difficult for entrepreneurs to get new businesses off the ground. Second, India, like many other Asian countries exerts social pressure against non-conformity and risk taking, both of which are required for entrepreneurship.

You want to start a business in India? Good on you. Now you have to fill out hundreds of forms, pay bribes, wait for years for approval to go through, and then get shut down anyway because some local politician decided he just doesn't like you. As if that wasn't enough, there's the culture. Indian culture, like many Asian cultures, looks down upon non-conformity and risk-taking. If you're a newly minted IIT graduate, how exactly are you going to go home and explain to your mother that you turned down that great job in America from a prestigious western firm and instead want to work for a "start-up" (a word that all too many equate with "bum" or "layabout")?

While India is changing, the combination of government regulation and social pressure still makes it very hard for new IIT grads, who are often from modest means, to do things he's advocating.

EDIT: modified introductory paragraph to better reflect the content of the argument.