Is choosing a technical career path in IT industry (especially in India) a good option or it suicidal?

I think your problem is the visibility. You could directly email the upper management and share your thoughts. That would mean going against your manager here in India. You would face such problems in many off shore offices. I think you could probably find a better job with a decent and transparent working environment.

For having a job, you have two basic things to opt from, job security or (job) growth. Now, though you are not getting any promotions, you are enjoying job security (considering your experience, I assumed it). If you wan't to climb up the tree and if you are damn serious about it, then you need to be noticed in the company. This can be done by being an active part of the working environment. Like, when your head says "I wan't this to be done. Can somebody help?', you must be the quickest to raise the hand. You can also gain an impression by doing things in less time, than that assigned to you  or frequently suggesting brilliant ideas in a meeting etc. This is a very difficult job. There is another way, an easy one. Quit your job and find one in a start-up company. It's not difficult finding a young company in Bangalore. But, by doing this you loose job security i.e., if the company falls, it takes you with it. But choosing a right one, which is probably going to be 'the next big', you have 100% chance of growth. By being loyal and dedicated to the tiny brand (tiny just for now), you have total chances to rise up as the company advances. For doing this, rather than the degree you need skills which can be readily applied to make the company's product or service better. This way you can assure yourself a high position in less time. After all, it's your life and mindset. And all of it comes to a very basic principle : Closed hands have secure sand, open ones have more. Destination is the same, two roads go there. One is long and smooth, the other is short and risky. Choose your way. Good luck.

You will find out sooner or later, that all of us who were smart and got into Computer Science are losers at the end. You could have someone who has a history degree and never had the brain capacity to do programming, enter into Quality Assurance, then since they know requirements, enter into requirements but call themselves Business Analyst. This person with zero technical aptitude will become your boss. And all those idiot programmers will say "Oh well he doesn't need to be technical". That's IT for you. I love programming but don't want to be under non technical bosses so only do consulting and make more money.

Don’t get disheartened, this a problem with many IT companies In our country. However, many company value it a lot.There are only two streams for IT technical people - Managerial & Technical stream. Generally every IT company value the technical capabilities more than anything else. You have not disclosed which technology you are working on hence I have some limitation to guide you. However, irrespective of technology, you can follow your passion for technical stream and I am sure you will succeeded. Your company can be an exception.You provide me information about you qualification & technology, I shall be in a better position to help you. Or call me on 9810160749.You may have to consider and plan a change soon.