The obsession with 'degrees' (and less risk taking in general) is an unfortunate byproduct of a highly controlled and regulated economy till 1991. Setting up a business, and earning a decent living for yourself (and your extended family most of the times) was extremely difficult before that time. Doing a 'white collar' job was the safest and the most feasible option and the road to that passed through a person being 'educated' (read have a degree). Hence the strong focus on getting a degree, as it was the way to earn your bread.(literally)
Thankfully, things changed from 1991 onwards, from what we call here as 'economic liberalization' (loosening of government controls and restrictions). Add to that more exposure/integration with the 'west' through media/internet and now the attitudes towards business/learning/other activities are changing.
The change will take time, and it's just my guess that the next generation that really doesn't have to worry about the basic issues of life as much would be far more risk taking, and would be doing more game changing things, relative to what's being done today.
I remember one of PG's essay where he mentioned his reasons of why some of the other places cannot replicate a 'Silicon Valley'. If i remember correctly, his take on Bangalore/India was that inherently since the country is still poor, it would be very difficult for it replicate the valley culture at this point at least. (He used an example of uneven steps on a railway station in that essay). His reasoning is not wide off the mark.
But as i said, we are very optimistic, things are gonna get way better, way sooner.
It is 40x harder to get into IIT than it is MIT, and they've still not sorted their caste system. I can't understand why there isn't more outrage about that in the West; it's worse than Apartheid ever was.
The trouble is that it is too sorted. :-). But on a serious note, economic development on the whole can help a long way in removing social evils as well. Some things might appear simple and logical to improve, but it ain't easy given the 'diversity' (and number!) of people in our country.
For academic jobs, 7 page resumes for entry level positions are not uncommon. They have stuff like this:
Prizes:
1. Best (and only) dissertation, 2005
...
12. 6'th grade spelling bee champion
Employment:
Teaching Assistant, Hicksville College
Assisted in the teaching of a variety of courses, including Calculus 1, Calculus 2, Calculus 3, Differential Equations, Discrete Math and Precalculus. My teaching style reflects my commitment to diversity, technology in the classroom, helping my slowest students succeed and making sure the strongest are challenged. In addition to teaching, I held office hours to assist students in learning material they had not mastered in class. Additionally, I graded homework and exams and tracked the grades using Microsoft Excel. I was also responsible for writing Excel macros to add up the grades.
Instructor, Hicksville College
...
(Note: that part about excel macros isn't an exaggeration.)
Reminds me when we had a job opening and some indian guy applied for it with a fourteen page long resume.
What is it with these people and their obsession for academics and credentials?