Hello
Great answers already but still thought of adding few more points

1. Are you part of any network particularly on the innovation side I am a fellow indian check out national innovation foundation
2. As much as there are problems in India-- it provides greater opportunities as well Which of the industry or products can your mecnanical engineering can be put use into
3. Have you thought of servicing as a product?

4. Lastly how about teaching or handholding new engineers with their projects (last semester projects)
In fact you can startup some thing (like servicing) with these engineering students as your apprentice for all of your servicing projects
I can help you with further ideas and spare a 15 minute talk

Thanks
Consultant Balaji
Chartered Marketer UK