Good points covered here. If you are a SaaS business selling to India, these are good points to think about.
But it is missing the most important point.
Indian businesses will pay for software. I have a $10 million ARR business as proof. But they pay only if they trust you. https://twitter.com/walkadm/status/1318416370887843841

Trust is the most important thing. They should trust that you are trying to solve their problem and not trying to make money out of them. Because in India, everyone tries to make money out of you. Starting with the clerk in the government organization giving you the license.

All the rest of the points are linked to this:
1. No Culture of Paying for Software: This is because businesses in India pay for everything else, including government bureaucracy. So they think everyone is out to get you. Even software companies.

2. Build vs. Buy Mentality: Cost is a factor. But trust is a bigger factor. "I know my team. I trust them. Can they build it so I dont need to deal with another team?" This is how a business person thinks.
3. Squeezing Suppliers: This is true. This has nothing to do with trust :)

4. Culture of Money Savings>Time Savings: True. That's because money is very hard to come buy in India. Its changing, but will take some time.But it's not that Indians don't value time or convenience.After all a lot of Indians are now paying 20K/month for lets say drivers.

So above also boils down to trust. If I trust the person will save my time and offer convenience then I will pay.
5. Trust in People is greater than Trust in Software: No. Its just that I trust my people more than the people who built the software.Until I know them.Later, its ok.

6. Only Comparing Software to Low Cost of Labor: Agreed.But this is not just an Indian phenomenon. If the cost of labor becomes too low,then businesses will go for it.
I agree with the author above:If you can market/sell to anyone,then try the US market.India market has problems.

But if you are selling to India businesses, just concentrate on one thing. "TRUST".
Make the business trust you. Feel the pain of the business and work for them. Become their partner and then they will pay you. Will share how we did some things in a later thread.