The education system is as good as the peoples determination to make it better.
We are as a nation pretty lazy. Indians seem to have more drive and determination to succeed. At least the ones I have come into contact with.
And cheap labor. The goods of the world will be made in the cheap labor places with an educated workforce. Therfore our wages will drop to compete and our economy will silde downward as a result. That is inevitable in a global economy/marketplace. It is known as free market and competition.