ito
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Many Indians here have bragged too much about their Maths, such as the invention of zero and a Math powerhouse in ancient times. But really if they do not care about these Olympiads because it does not give them benefits then how come the rest of the world care? And no, a huge population does not guarantee a top spot. East Asians have the highest IQ, that's why South Korea and Japan score much higher than India despite having a much lower population. The reason US often rank amongst the top 5 is because their team has East Asians.
Because that is how Indian psyche works. A seat in a top school in India means, direct ticket to some of top schools in US or a job in Google or Facebook with a salary of USD 200,000.
There are some students who are interested in IMO, but unfortunately they too are forced due to huge competition for a seat in top schools. You cannot let you mind wander on other matters if you want to get a seat in IITs or top Indian schools. The competition to these schools is so tough that student prepare for almost 4 years for the exam. 500,000 student compete for 10,000 seats in IITs.