World's major IT companies like Google, Microsoft and Adobe is run by Indian CEOs. Also one fourth of NASA engineers are Indian. Where have you been all these years? India is a supreme place for qualified professionals and that's the reason why Indians are the preferred employees among many European and US companies.
It's just because of our government, we are not getting proper opportunities. The government is run by such people who doesn't have the brain power to understand the blockchain technology. But Indians are pretty much active in this sector and making good amount of profits as well. Even though the government have taken the midway for now, but eventually will accept Cryptocurrency to be traded within India and provide a tax framework for us. It will take some time, but will happen for sure.
It's not like the Indian government is underestimating the power of Blockchain technology, in fact they are adopting it, IndiaChain, a blockchain network for digital certification of educational degrees, land records, electricity distribution, and it will be linked to IndiaStack, Aadhar project and then there is BankChain, a consortium of Indian and international banks. Obviously all these implementations would take some time, but if it gets rolled out, it would make India the biggest player in Blockchain implementation.
Since the 2013 warning and the recent budget speech, one thing is quite sure, the government has no idea on how to implement a cryptocurrency framework and the result, warnings, tax notices, and getting some banks to suspend the accounts of exchanges. There is a new committee working on formulating a draft law, report is expected to be submitted soon.