Prior to 2016, I would hv disagreed with you; primarily cause of the faith I have in the working parameters of the RBI and not the govt. However a bunch of recent actions have cast aspersions on their working and capability.
Sadly confidence in the govt has been in the downturn for long and seems to be so in coming future as well.
When it comes to bitcoin, i think stacking is the thing we can do best for now as other parts of the world have strongly taken over the bitcoin momentum. Look at the SEA communities and companies declaring bitcoin holdings.
I believe that all those people who are contributing towards bitcoin core are doing it because they want to do it. They believe in it and that's what makes them contribute more towards bitcoin.
We all know most of the people are behind money and may be the "Indian developers in alt-coins" think that there's not much money in contributing towards bitcoin core and that's why they aren't in it.
There must be some Indians who are still contributing in bitcoin core. It's just a matter of priorities I guess.