So yes, the US beats us hands down but it's pertinent to point out that:
1. Their manufacturing sector is almost non-existent and startups are filling in the gap of providing employment to people and revenues (taxes) to their government. Therefore, they are encouraged and things like rules and regulations are made as butter smooth as possible. In India, it's the other way around at the moment.
2. Quantity doesn't equate with quality. So having large numbers breathing in India doesn't mean all of them will have brilliant ideas. Not because they can't think. But because they are all not educated enough to execute ideas. With a majority of India's population living in villages on meagre farming incomes or daily wages, education isn't considered a priority...surviving is.
If we switched populations around, I think you'd see the same disparity. At the end of the day, everything is about being given the opportunity to flourish and do your best. And if your denied that, then it's not an even playing-field at all.
Anyway, for people who are going down the startup route in India, here is a tool that you can use to validate your idea "without wasting time or money": http://www.javelin.com/experiment-board.html