You can still apply to YC in the USA wherever you are in the world, but it might be tricky getting into the USA. I'd still apply; you can hack your way to a visa later.
There's a lot of room for YC clones in India and the rest of the world, but there is no South or East Asian YC yet.
The idea that I am working on addresses a need in the Indian market. So it makes sense to find something here. That apart I am not in a position to move to the US.
I wonder if Europe would be easier in any way. Granted, the economic scene is not like the US, but it might be worth a shot?
My experience in Europe as a non-European says that it probably isn't any easier, but who knows - I was dealing with Italy, which is not really what you're interested in in any case.
There's a lot of room for YC clones in India and the rest of the world, but there is no South or East Asian YC yet.