Trust me  CHC has the user base  and  there are already  a  good  number of  chinese exchange  there, number  of  people,  involved  in  bitcoin in china  is   verry  high compared  to india  with  just a  few  hundred (and  yes i know  some  news  report said 2000 but i dont think  so) .  banking  system there are  also not  that ridgit.

Creating  another  fork of a  alt coin is  easy, but the usability , acceptance, and overall new users  is hard to gain. if  a  desi coins  is  created, the first problem is  the  people  using  in india  would  be low. miners from  outside the country  would have a instant  monopoly on the generation of the coins.  hard for  exchanges to  accept the  coin until a  certain  user numbers  are  reached. New alternative  desi  coin  can  only  work  once  the user base  of   crypto currency  increases. p.s - i'm not a ripple  fan.

FTC has  4X the number  of  coins  as  Litecoin.  making it  fare more  suitable  for  transactions  on a daily  basis.

And  also I proposed this  as a  method  to increase  the  volume  of  bitcoins  in india.  once  the  volume  is  there,  over pricing  from  sellers  would  vanish. (oops  i think i am making  some  enemies already). 

FTC is new  and Can be mined,  without people investing in ASIC , or  FPGA,  mining  can be  kept  with  many people, not  only the  ASIC miners like in bitcoin. 

*Question out of  topic, why is it that  india  being  one of the largest  software industry in the world,  still  manages to lag  being  China  in terms community  driven  open source  projects?*