It's spring, and at the Indian Institute of Management - a premier management school in this industrial town - the campus is abuzz with company recruiters offering fat pay packages to new grads. . Bagging a $185,000 per year offer, Manan Ahuja, an affable 26-year-old lad, coyly notes that his salary package offered by Barclays Capital, a British investment bank, is far more than his father, a Delhi government bureaucrat, earned in his entire lifetime. "It feels great to get an international offer," Mr. Ahuja says. "Beyond the salary, this promises an interesting job profile and great growth prospects." Ahuja's...