Dear siddharthjain82:
This is an interesting question and one that I've been asked in similar fashion before regarding fellowships for people interested in practicing in developing countries. You should expect that any post-residency fellowship in the US will deal with a somewhat different patient set than in most Indian hospitals or those of other developing countries. For example, in infectious disease training in the US, one might often be consulted for fungal infections in preterm babies, sepsis in heme/onc patients, etc and become used to that group of patients. You will see relatively little malaria or other tropical diseases, even TB, on most US pedi infectious disease services.
However, that is not to say that US training in specialties is not of use in developing countries, including India. In neonatology, I had the opportunity recently to lecture in southern India and a group of my colleagues presented a series of lectures in northern India that covered themes such as mechanical ventilation, nutrition of premature babies and neonatal resuscitation. These are common global themes, even if the technology is not always the same throughout the world.
Therefore, I think you should obtain the training that you want and that interests you and bring that knowledge back to India where I expect, from what I have seen there and elsewhere, it will be welcome information and helpful. If you do head towards the pedi infectious disease route for your training, make sure you gain some knowledge in pedi HIV therapy as this is an emerging significant problem in India.
Regards
oldbearprofessor