@gavin
Read flyjet787's post very carefully
There are no garuntees in aviation.....
One day you might have a job . The next day it might not be there .
You can fail a medical and lose your pilot license forever also
Sometimes you wont get paid a salary for a long time ( AI and now Kingfisher is also having difficulty paying salaries )
Read about the financial status about the different airlines in India ( who made profit , who made a loss , how much debt )
If any one of the airlines files for bankruptcy and shut down then that will leave a lot of experienced pilots jobless . Then the existing airlines will only hire these experienced pilots first .
Then all the fresh pilots will not get any jobs for years to come ( worst case scenario )
My first suggestion is to go and get a class1 medical and see if you are medically fit . Only then can you proceed with any of your other plans
All the above reasons I believe are a good enough argument to go and get a degree first