1. Absolutely not.

2. That's hard to answer really: That's a life-changing decision. Living in SF might be liberating for some and very daunting for others. SF has a (considerably) lower pay-check in your case but it might offer you opportunities (startups, job offers, career choices, etc.) that you will probably not have access too in India.

The 714k as a starting salary is out of proportion, you're never going to get that in cash, but to me at first glance seems rather accurate as disparity indicator between making 200k in India and 250k in an expensive US city like SF.