It's a pretty well-known fact in Indian universities than anyone even a teeny bit serious about computers should never step foot in consulting companies (unless you are leading a green field project).
Firstly, India has a huge engineering population. Even if 10% of it is interested in consulting jobs, it's easily more than most countries. Secondly, most folks do engineering just because it's easy path to get a decent paying job. They don't really care about engineering itself, so consulting jobs are a happy medium, also they provide easy transition to customer facing roles or management which many folks want to move to anyway.
And lastly, there's dearth of product based companies in India, so positions in such companies are highly lucrative and competitive. Consulting job is the last resort for someone interested in software.