[seanmcdirmid]

For all the problem the US has, we still have much better universities than most countries, the effect that Indians would rather come here to study and get a decent degree which is actually quite a value compared to some of the shadier options back home. If you can't get into an IIT, which is very very competitive, there simply aren't any other decent options. Its not a serious option.

If you are going to go abroad to get a degree in a technical subject, I wouldn't recommend India or China. Singapore, Hong Kong, Austrailia, New Zealand have strong English speaking programs, Japan and Korea also have strong skills if you are willing to learn another language.