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.