Do you have any source on India not having top research talent? From my understanding India has good amount of research and tech talent but it suffers a lot from brain drain to US universities. Especially students graduating from Indian institute of technology, national institute of technology + many more. In fact if you look into student (masters, phd) profiles of top US engineering schools like MIT, CMU, Stanford etc. most of the Indian students there have graduate degress from those Indian schools and they are in huge numbers. (who eventually end up at these companies or starting their own)
One of the main reasons for lack of research in India is lack of funding. Its nothing compared to US universities. But that does not imply it lacks talent. In fact primality test in polynomial time was founded by computer scientists at IIT - https://en.wikipedia.org/wiki/AKS_primality_test.
If the prophecy materializes into a exodus of brain from the Valley, I would expect very skilled and trained Indians to go back and, depending on the environment they find home, there would be no reason why their couldn't stabling top research and start ups in their homeland.
