Like pointed out earlier, bad economic policies are making the rich richer and poor poorer. Most of us IT folks are pretty much at the top in terms of income. So yeah, while bad on a national level, I meant it's a pretty good place for IT professionals.

Why do you think 'Bangalore' became a verb?

In most non-managerial posts, even if you paid me half the equivalent of what you get in the US, i'd still be living a comparable life here. That's what I meant by cheap economy.

If I got $1000 from RA/TA(etc) a month in a US grad school, I'd be making more (face value) money than professionals with 4-5 years of experience here. But I can do way more with that money here. I'm spewing out gibberish, but I hope you get my idea. :\