While I'd like Ungagged to be held in India, i think it should be a business decision not an emotional one.
Corporate sponsorship is an important part of any international event and i don't think this will be unavailable in India if diligently sought.
India & Asia in general is a huge and growing tech market that is nowhere near saturation. Will every one in India be able to afford the ticket? No! But then neither can every one in America or England.
As regards safety, every country-America,England,Nigeria,India,Canada,etc- has its share of the good, the bad and the gullible.
IMO, if a person or organization does not move out of its comfort zone, it limits its growth potential.