India has definitely progressed in the last 5-6 years, but to emulate a startup ecosystem like the valley takes a lot more time. Fred Wilson had a good article on this the other day. Valley today is what it is because a lot of ventures and startups happened around the 70's. India is seeing that kind of growth only today.

I would say atleast 10 more years before you can have a Techcrunch 50 in India at the same level as it happens in US