As an Indian undergraduate who is looking forward to a job, I find this very intimidating. I have always known consultancy based companies are shit and treat employees none better than a herd of sheeps, too easy to get another one. But I had better thoughts about product companies.

I can suggest another option though, start building a portfolio and have open source contribution that put you out of the cheap crowd.I am sure there are enough jobs at good hourly rates for people who can deliver quality. Even our hacker news "seeking freelancer" thread s offer pretty amazing set of opportunities.