You would not want an IT job in India - they're terrible. You're a lemming. Lots of programmers in India, very few hackers. At the high end, the very few interesting jobs, you're competing with the finest minds in India - and you'll probably lose.
But its a good place to do some serious hacking, if you've saved up money stateside, or have a consulting gig. I posted a bit about doing product development in India here: http://news.ycombinator.com/item?id=532825