The same is true for a number of institutes in the country, as well. They floor you with big campuses and impressive gates, and affiliations with foreign universities. Such institutes 'literally' churn out students who lack required skills and are unfit for the industry. I have come across a number of reports that state that most Indian graduates are unemployable.
That being said, I'd like to add that getting into the right institution (whether in India or abroad) is what matters.
My daughter just graduated from her MBA programme, from one of the oldest and most prestigious universities in the world, ranked as it is among the top 5 Business Schools, globally. She also got herself a dream job. That, I think qualifies me to have my say on the topic.
I would like to correct Absivakumar, who stated that those with a very good GMAT and English language score get admission into top B schools. That is far from the truth. An aspirant need not have a great GMAT score to get admission, into a top B school. There are cases where applicants with dismal scores of 500 made it into the best B schools.
There is a lot more to it than GMAT & IELTS scores, for instance – previous academic performance (I know for certain that most B schools consider candidates who show an impeccable academic record and those who have consistently performed well). The university one attended for one's undergrad programme matters too. Another aspect that plays a role in securing a seat is the Statement of Purpose (SOP). Then there are essays to be written and questionnaires to be answered. There are interviews too, as part of the selection process. And not to forget recommendation letters from former teachers at the university that one went to and letters of recommendation from the employer. One needs a minimum of three years of experience, while some schools require more work experience. The type of industry that one worked in too makes a difference. Getting into a top Business School is no cakewalk.
Coming to Natarajan's viewpoint, I agree with him to a certain extent. Before getting a Resident Permit one needs to land a job. And this is where the problem arises. Getting a degree from a foreign university is not a ticket to a job or residency. One has to go through rigorous tests and interview processes which can go on for weeks, if not months, before being offered a job. One has to prove one's mettle. And if one has what it takes, then there can be no reason for regret.
"A love affair with knowledge will never end in heartbreak" - Michael Garrett Marino