India hasn't been the first in any of the large areas in the past. We got our internet access right two decades after every one else. We skipped most of the CDMA drama and went straight to GSM 3G after the world had figured out mobile telephone way earlier. We were late to payments, but figured out a way better way to clear payments than most others.
We have been late to every new technological change, mostly because we've been loathe to invest large sums where failure is a given. Even our space and nuclear programs - where we have had to work indigenously with local research - we've taken a lot of time, to avoid major failures.
The cost of failure is not just financial in India, it's the fear of shame that runs way too deep. New nice looking road? Oh look, not enough traffic on it, shame. That rocket didn't take off? Shame on us, we should have worked harder so it wouldn't fail the first time. Failed an exam? Shame. A gap year in your resume to try something out? Shame.
This feeling is pervasive, but it's changing as we speak. As it does, India is investing into things, and we embrace failure a lot more these days. This will come from the next brand of companies that aren't afraid of failure, perhaps not so much from the older set of companies that have designed themselves to be cash flow giants. Not just IT, but in FMCG, etc. (Though in metals, we have seen massive risk being taken)
There are companies that have transformed themselves through very large risk oriented projects - the biggest company in India is one. But I believe technological risk will be taken by startups and will be funded by people in the space who've seen what risk can produce, through successful exits in ESOPs or as founders from companies in otherwise boring spaces.
We've lacked that capital really, because otherwise capital has been preserved in large families - risk taking is obviously stunted there as preservation takes a larger role in their future. Now that the first gen capital is more, expect some of this to happen. And no, I don't think the government should play this role (they can help by deregulating business) - it's private capital that should fund the next big thing. From the people that don't consider it shameful to fail.