What he says is pretty much very true. Consulting Companies here are on a hiring spree in colleges. Education here is pretty bad too, the reason being it is in a chapter-wise marks format. Let me tell you how a CS student prepares for exam, Variables is 20 marks, Pointers are 50 marks and Arrays are 40 marks, Lets just study Pointers and Arrays(you get the point right). This is pretty much the case everywhere in India. Optimize the marks at the cost of Understanding.

An entry level engineer here makes close to $1.5-$3/ hour in a reputed consultancy firm. I would not want to talk about those low paying firms at all. Nobody can expect good code for $3/ hour. I am sure Clients are paying more money per person but Consultancy is a broker here who eats up much of the money of their employees. This is pretty much the case here.