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It depends on your objectives and expectations in your life. If you want to do something in India, education in India may be better. If you are after the Greencard, educaton of the land is better suited. It also depends on the subject you wish to pursue. But if you can afford, I would suggest everybody goes and studies abroad (I suppose, you mean a Northern counry) for some time - I would think for a year - better while you are still young. For a highly sophisticated subject, there may be not as much opportunity (let us say quantum physics, or gene manipulation or space science) in India as in other places. I dont mean it does not exist in India - getting a place to study might be harder. Your question is like: is it better to have lets say European partner or an Indian partner? I suppose, you can answer this for yourself.
Indian universities are not one of the best in the world as of now. Although they are better than other regional universities but a European or American university degree hold much more value in terms of learning value, admissibility worldwide and future prospects.

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