According to preliminary data for Fall 2012 US graduate school applications statistics, it shows that overall applications from Indian students are up by 2%. But whats also interesting is, applications to graduate programs in US from China are up 14%. Which means expect more competition from your Chinese peers for your admits, and if you get admit, expect more competition for Jobs.(Although that market is recovering fast!).
Complete results are not out yet, which should be out around June. Among other findings by the survey for graduate school applications statistics for international students, conducted by Council of Graduate Schools, applications growth from India is as follows:
Overall, its in sync with how economy is moving, but far behind growth from Chinese applicants!