There are a lot of people here who seem to make sweeping statements without really having any knowledge of the point they are trying to make. Seeing as sweeping statements are a mainstream practice in this forum, here's one:
"FAA licences are fine if you are working in the United States. JAA licences are accepted in many more parts of the world as the industry standard."
On the other hand, flight training is significantly cheaper in the US because of the low cost of fuel. By the way, Singapore Airlines has opened up it's cadet program to Indian nationals. If accepted you will be trained at their expense. Not a bad deal if you are an aspiring pilot.