A common question I get asked is what was your journey like while you studied Psychology and what is the scope of Psychology in India. Here is a brief writing about my experience and what can you do if you take up Psychology as a subject.
PSYCHOLOGY is my subject and it has been such an important part of my life, I am very biased. You can have a great career if you have interest in the subject, for that you can read general books on Psychology, articles etc. If you are already interested then great. Scope is very good.
The major fields are Clinical Psychology, Counselling Psychology, Developmental Psychology, Industrial Psychology, School/Education Psychology.
I am a Clinical Psychologist, you have to do Masters and Mphil after which you can get a license/registration to practice as a clinician with the clinical population.
Counselling Psychologist you can be after you get a Masters degree, you can practice as a Counselling Psychologist but with Normal Population (unlike Clinical you cannot diagnose mental illnesses and work at a clinical setup)
If you are interested in Developmental Psychology, you need to get a course work done on Special Education, after which you can work as a special educator (children with Autism or other developmental disorders) scope is very good in this field.
Educational/School after Masters you might need to get a special course work to get a registration to work as a school psychologist, scope is also good, but you need to be employed in a school etc, you can't work independently like the others.
Industrial Psychologist are employed in Industries, to be honest I am unsure if you can get a job directly after Masters, people I know who are working in an industrial set up pursued MBA after Masters. You apply for MPhil in Clinical Psychology after studying in any of the specialization in your Masters.
I have personally studied Developmental and then got an MPhil. If you are aiming to be a Clinical Psychologist you will have to study for 7 years post school :)
My friends with whom I have studied in MPhil are all employed and earning well. Academics is also an option where you get your PhD and teach in a college.