I am reminded by this of a discussion I had recently with a friend. I don't know how different the situation is in India currently.
The discussion was that there are almost no jobs for engineers in Pakistan, except of course a small number in some multinationals or SPD organizations. The jobs most engineers are working are really technician jobs, on technician salaries. You spend 4 years of your life, and so much money, with so much effort, only to be hired at a salary of Rs.30,000 monthly ($300). The conclusion we reached was that the reason engineers are paid so poorly is because there are no positions worth paying for from the employer's perspective.
When we have high-tech industry where the employer can not only pay an engineer what he or she is worth but has actual need for their skill, then will the plethora of engineers/PhD do actual good.
