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No, India can't follow US's lead as it's budget for education isn't even 10% to the budget for education in US. I won't say that our education system is very cheap now. But still, there are government funded schools and colleges which provide free education to all. Government funded schools have mostly gone near empty within last 10 years but colleges, mostly medical and technical, are keeping strong strengths.
The important part is that you still have a culture that values education. As long as you have that the system will will get better.
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