This post seems to overgeneralize things and in the process paints an inaccurate picture of the state of things in India. There are sections of people who focus on superficial things, but they're a very small demographic(the super rich in a few cities like Pune and Mumbai).

The majority of the people(including teenagers) live within their means and splurge on things only occasionally.

India does not have many entrepreneurs and risk takers but that's an age old problem, not something that sprung up suddenly.

Kind of railing against the dying of the light isn't it?

Yep, people are a bit superficial and things might be a bit better if they weren't but if you want to change that you need a fairly fundamental change in the nature of society and what it rewards rather than a plea to people to act in a way which, the way things are structure at present, doesn't work in their own best interests.

Never been in India, but seem to be true to whole world.