I don't believe your hypothesis is correct. The cost of equipment is the lesser part of a lab. The reagent cost is the big barrier. The next big barrier is the electricity cost because of the freezer, etc. Depending on where you are in India, you may need to continually pay for a backup power source, which also big recurring cost. Then you will need to have a lab manager to ensure reagents and cultures are stored safety and properly etc, this person will likely want to be reimbursed for their work time. Be aware of these large, continual run time costs. Recurring costs. The equipment is only a one time expense and small in comparison. This is why you are better off partnering with a university or more rarely a local incubator.
The other hypothesis about needing more speed of innovation is also questionable but that is a big, separate discussion.
You might want to look into areas like bioinformatics and bio data science which are growing faster than the synthesis area and these do not need wetware equipment. There is a universe of bio data to make sense of.