That's the number of Indian students studying in American universities during 2006-07, about 14 percent of all foreign students (582,984).
The Inside Higher Ed story is here. The Open Doors report is here; some data tables are available for free, but some -- such as data on academic level and place of origin -- are not.
Another document (doc, accessed from this page) with India-specific data tells us that over 71 percent of Indian students are in graduate programs.
And the highest number of them are here, at USC. Unfortunately, as you say, they're almost all Grad students so finding fellow Desi undergrads is a little difficult. Ah well, at least we have big Diwali celebrations.
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