Individual Indians are very much present in companies like OpenAI, Anthropic, etc. I have a theory that the top 5% talent of Indian nationals who are legitimately qualified and skilled, for very logical reasons would much rather take a six-figure USD equivalent salary in EUR or USD and enjoy the lifestyle benefits that come with it rather than bootstrap an Indian domestic AI lab.
It's not like people in other places couldn't solve this problem. Yes, the US pays more, but a lot of people would still prefer staying home, and it's not like they wouldn't be paid very well compared to the local salary.
And besides, a lot of Indians in India are working for FAANG, and don't earn US money - I'm not sure why it wouldn't make sense for some of these talented engineers to work for an indigenous tech company.