People from outside may see this huge amount of engineers as a symbol of growth, even the developed countries may have an eye on us. But the fact is on the opposite side smiling...
In India especially in outskirts of chennai if u find any streets ends there will be a board stating that it's an engineering college. There are around 454 engineering colleges in Tamilnadu. I doubt It may be incremented when am writing this sentence. Most of the colleges are owned by politicians or those who backing them. Though it's not a big issue, the educational background makes sense and funny. Most of the correspondence of the college are illiterate and many doesn't have any knowledge about managing a college.
The faculty of this institutions are to be much concerned than the management and they are mostly under qualified or doesn't know how to enrich and explain the concept of engineering. There are certain good teachers who try to do so but they are most likely put down by their colleagues and students.
These students those are entering into engineering mainly focuses on the Job and particularly the pay they get rather than their interest in the particular field. This will be well proved if we look at the fact that during the IT boom at early 2000 most people chose IT streams and when there is an recession the trend was reversed. Most people started choosing mechanical.
Even though the so called top engineering colleges are good in management and in their placement activities, the condition of the faculty and students are pretty same. Students pursuing their degree often educate themselves by cheap local authors and fear to even touch the books of high standard. Even the books which they use are mostly from book banks and are returned immediately as soon as the results of the semester arrived. They boldly and happily admits that they forgot everything after they finish their exams (Shift + delete).
This population of engineers fears me in greater extend (am also a part of it). But the engineers graduated from other countries are very much different from above people. They becomes an entrepreneur while pursuing their degree (Mark Zuckerberg), most of them becomes a Noble Laurette. Here there is no single university in india which have produced a Noble Laurette but they produce 100times more engineers than other countries.
Government instead of producing unskilled engineers in a large way must concentrate on producing good institutions and also focus on other streams such as agriculture for their development. If this trends continues there will be engineers in 25 years committing suicide as farmers doing now..