Nah, that would not work. For one thing, Indians have had free rein over their Facebook, Google and twitter accounts since the very beginning. The citizenry will find it way too hard to make the shift from a global to a local platform.
Furthermore, we Indians are used to being relatively uncensored at every turn. The moment we "realize" that the government is actively monitoring every tweet and every post, people will start withdrawing from the services offered.
We have a deep mistrust of our government. It is one thing to force the uneducated into censorship. But those of us who use the internet have at least a basic education, and we don't like the government meddling in any of our affairs. especially if we can't see a justification in it.
What irks many of us, is the fact that the government spends too little of our tax money in the right places. For instance, the roads are potholed, the water services are unreliable. Energy production has crawled into a hole and died. There is hunger and starvation all over the country. The middle and upper classes are the ones who are most impacted by the Governmental organizations. The Police are unreliable.
When an accident occurs, we fear reporting it to the cops because we know that if we do, we're the first to be taken in for questioning and the cops overstep their authority at every turn. You see a guy dying on the street, and passers by will stop just to mull around and stare. Everyone will complain that someone should do something, but no one will consider calling the authorities or helping the poor chap to a hospital because the helper becomes the hunted in the eyes of the authorities.
A friend of mine was put in the slammer for moving the victim of an accident. He was let free four days later because the court decided he was innocent, but he left with bruises and came down with a bad case of diarrhea. The cops actually beat the guy up during their "questioning for facts"! He was just trying to help an injured guy who ended up dying on the way to the hospital.
We love our country, but we hate deeply, those in power who're trying to run it because they don't appear to care for the public.
An alternative website, monitored/restricted or not, will hold even less water in such a country. They might be able to forcefully lock social networks out of the country, but they can't get people to use a government-controlled one.