I guess there are a lot of us who are floating in the same boat. Got my FAA cpl way back in march'08. Came back to India hoping to get a job as soon as i get my license converted to Indian. Now ended up sitting at home doing nothing, waiting for the jobs to come out.
Some times it just makes me wonder whether there was actually any sort of boom in the industry when the media and the companies projected a need for atleast 5000 pilots in the next couple of years.
A friend of mine suggested me to look out.. as in out side india.. and now i am searching for ways to convert my license to JAA too as companies in europe ask for jaa license. Could any one be of any help.