I agre with what you say except for the salary comparison with India. Even though salary are low in Italy compared to various other countries, in IT too, according to payscale[1] the average salary of a developer is 340k Rupie per year, that is around 4.7k Euro. The average salary in Italy for IT should be at least 25k-30k Euro. But to be fair it would be interesting to compare it to cost of living, because as Italian I know for sure that IT guys are not paid better than others in Italy, while I have no info about India (it could be that they are pay not too much, but really well compared to other workers and local cost of living).

Having said that, I agree with many others saying that it's not a great idea to go to Italy for startups.. things are moving and are improving compared to 5 or 10 years ago but in no way comparable to other places in UE (let's compare for example Berlin, London or Paris with Milan or Rome...)

[1] http://www.payscale.com/research/IN/Job=Software_Developer/S...