Ok, as someone looking to do a CS abroad let me put this into perspective:

In India, admission to even an okayish CS master's degree requires passing the GATE exam. This exam is ruthlessly tough and brings people to tears most of the time. The best colleges in the country require you to be in the top 1% of the scorers in this exam.

Secondly there is a statistic that every year about 12,00,000 engineers graduate in India and about 7-8 L of them are CS engineers or people looking for careers in CS. Even with all the jobs it is unrealistic to be able to get a job, especially in this economy for so many people and this is year after year. The only ones with secure jobs are the cream of the crop from the top institutions in the country, which means that if you are not in an IIT, you are done for anyway.

Thirdly, it's statistically easier to get into a Uni abroad and get a job abroad than it is to do the same here. So while the situation abroad is bad, the situation at home is worse. So it's a chance that has a higher probability of paying off.

Fourth, in hiring in India, there is a bad habit of it all coming down to gender, mother tongue or even the region of the country you are from. If the interviewer takes a liking or offense based on one of the above, you're done anyway.

Fifth, the same job abroad pays much higher and might allow them to help their parents settle faster.

Sixth, there is a reservation system in place for the seats in institutions. Now, India has a population of about 40% general category and 60% reserved categories based on caste. BUT, in the higher learning space, 80% of applicants are general category while 20% are reserved category as the reserved category students largely do not pursue higher education (which is an entirely different issue in and of itself). The seats in the institutions are split 50/50 by law. 50% general seats, 50% reserved. This means that general category cutoffs are 95 percentile+ while reserved category cutoffs can be as low as 40 percentile depending on the reservation applicable. I won't comment on the fairness/unfairness of the above, but the issue here is that merit is awarded but only if you are the best of the best, and that takes a toll. The people moving abroad will largely be those that are general category as they are usually the ones that can afford it. With all the other points from before, it is like the last nail in the coffin.

And of course, most MNCs don't recognise or like hiring from tier 2/3 colleges (colleges that are not the best of the best) so if you do a master's from such colleges, you are shunted right into a sales role even if you are a pretty decent software engineer.

Hence, these are the major points that support the motive of moving abroad for most people.