India is not a rich country. Natural resources are not what make one rich. Its human resources.
The human resources development project has been abandoned ever since Jawaharlal Nehru died.
Human resources are the most important natural resource any country will by and far ever own.
That's also the reason why the 60 mile radius around Bay Area, a barren desert, has an economic output higher than several countries.
I also see no cogency in your oil example. Just because you need to process oil to put it to use, are you suggesting it has no value!? That seems wholly incorrect!
Anyway, I'm not here to argue. My bottom line is, India can and should be run better, because currently, it's run badly.
I think people who are passionate in CS/I.T field are lucky that it also happens to be one of the highest paying fields in India. I don't think that applies to all sectors. Even people who are passionate about CS/IT and are not from a good college struggle to find a job in India. I consider myself lucky to have my passion lie in programming and passing out from a good college.