Please keep in mind that there are gigantic cultural differences involved. School in the US is a vastly difference experience from school in India, which makes advice and stories from the US somewhat difficult to apply. It's possible here in the US to build a life from a non traditional path, leaving school early and returning on your own terms later or never returning at all. From what I can figure, this is next to impossible in India. Additionally, your choice of major is limited depending on your school and exam scores which also doesn't happen in the US.
There's a strong American culture of being self-made and self taught which doesn't necessarily work in other countries as a viable life path.
With that in mind, everything that's been said above about learning online is basically correct for basic education. Especially thanks to programs like MIT CourseWare and several foundations building free textbook collections, it's possible to gain massive amounts of education completely on your own.