There's still small and growing actual hardware sector in india, but a rapidly growing electronic software design industry in india.
I will suggest , try to gain expertise in software packages you will be introduced in your college. learn PCB design,Pspice, Allegro (or ORCAD), MATLAB, etc.
In pune , till this year there were only 3-4 firms working on Cadence platform, right now there are 2 new entries, and by 2010 end, there will be over 10+ in pune itself..
there will be many s/w in ur BE as well..
regarding, i am not aware of ur college, but most of indian colleges are not teaching hardware well..
can you spend buks to learn something? coz there are many institutes offering short term courses, like BITs Pilani (last year they offered a 1 month course on digital design), IIIT, pune (They are offering an embedded system design course from 15th june) and many more..
depends if you can spend, coz all h/w courses are costly. These institutes offer the cheapest option you can find.
best of luck!