Not in India, but my story.
I started learning by books and computer magazines, because the Internet as you know it today didn't exist. LOTS of trial and error. LOTS of learning through experimentation. The Internet you know today was built up while I was in college. There were some online resources like Ralph Brown's Interrupt List and a bunch of coding guides; there were search engines like Archie and Veronica, but there were not tutorials for every subject available. You were expected to read something and figure out how to apply it yourself without a tutorial.
During classes I was exposed to and given assignments toward many features. The core of computer science is algorithms and data structures. While I had picked up some of these in trial and error and experimentation, course work exposed me to many more that I would never have discovered. While it may seem boring to study dozens of different sorting routines, knowing about them and their differences is important because eventually you will run into problems that can be better solved with a less common algorithm than the mainstream default choice.
I was also instructed on topics I did not want to learn but were important anyway. General education is useful in games. Humanities courses may seem stupid if you are a short-sighted youth, but topics like world religions and societies are important if you consider who the game audience is. Physics is core to many games. A business writing class that I hated has proven valuable through my entire career. Chemistry can give new insights on how the world works which you can use in games. In games there is no useless knowledge; sooner or later everything is useful or can be used.
That is one of the things a college program will do for you. Those who get a degree have a broad (yet shallow) knowledge, and at least a passing knowledge of many techniques. You may not use SQL in your game code and have no interest in databases, but from your mandatory databases class when you talk to the back-end folks and they start talking about queries you can have at least a vague idea what they are talking about. You may not be writing networking code and communications systems but because of your mandatory class on the subject you can understand what they are talking about. Repeat for all the other topics you may not like.
Another key element the program will do for you is help you with the ability to learn new things, to unlearn problematic items, and to re-learn fields as they change.
Both of those can be picked up out in the Real World, but it generally seems easier to pick up while you are in school.
As for getting a job, remember that university training is not career training. You can use it to gain skills that will help you, but the two are not interchangeable.
Also remember that education levels are regional. In some regions higher education is not required, just give them some code samples that show you know what you are doing. In other areas you need a college degree to break in, and even once you are in with multiple game credits employers will be suspicious if you don't have the degree.
