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I completed my post-graduate studies in Economics from Tufts University in the US and can definitely vouch for the quality of education - the faculty, the facilities and the overall experience was very enriching and really focused on the practical applications, rather than the theoretical curriculum we are limited to in India.

As for UK and Australia, I can't really say much about programs there - although programs like Oxford in the UK have a global appeal that is probably second only to universities like Harvard. Australia seems to have got a bad rap in the recent past because of the tremendous amount they're spending on advertising their educational programs in India, but the quality is lacking from what I hear.

You should really research the faculty that will be teaching you, because at the end of the day - that makes all the difference. Don't forget to have some fun while you're at it as well! :)

I think the US is the best place to go for Masters for any area of study. The best universities in the world are in the US and the best facilities and most important is that the US has the best opportunities once you graduate.

Archana - another thing to think about as you consider any destination is the prospect of work in that nation, as far as your future plans go. If you are planning on working in the host country to pay off loans, perhaps, or gain work experience, you might want to check before hand about any visa restrictions the country may impose on students entering through the university channels.
Cheers.

i know of usa education; my 2 sons r settled there. while any of the three countries shd b good exposure to life in general, usa education must really b a boon.

The real question is why would you want to leave India? There are some great universities here and the market is booming here. So why leave when you can really make a mark for yourself in India and use the education to benefit our own country...

Whatever way you think, study abroad is costly for Indians. If you do not have other limitations try Rice University. UK is very costly. But if you are thinking about taking a loan and repaying it by working in that country, you should think what Arjun and Divyani has said. Lots of good ranking Universities are there in India. Lots of things are happening in India and so many opportunities.