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Nobody is interested in security until it's too late to do anything about it.
".45 ACP - because shooting twice is just silly" - JSOP, 2010
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You can never have too much ammo - unless you're swimming, or on fire. - JSOP, 2010
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When you pry the gun from my cold dead hands, be careful - the barrel will be very hot. - JSOP, 2013
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When you are just starting out (I wish people would stop using the word 'fresher'  ), you should not think about specializing in a particular field. If you like to develop software, become a developer and stay current on security related issues, getting as much experience in the field as possible, then after a couple of years you can start specializing.
The thing is, there are not that many companies that have dedicated software security experts on staff, so if that is all you know, it could be difficult for you to find a job. Once you have experience (no serious company is going to hire an inexperienced developer as a security expert), you could find yourself in very high demand as a contractor.
Soren Madsen
"When you don't know what you're doing it's best to do it quickly" - Jase #DuckDynasty
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Some Indianspeak... 
"fresher" == college freshman (i.e. "novice")
"fundas" == fundamentals (i.e. fundamental knowledge of a scientific topic)
E.g: "For a fresher, your fundas are pretty damn good."
/ravi
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Yeah, I have figured out what the term means, I just really hate it.
Quote: "For a fresher, your fundas are pretty damn good."
So, the IndianTextSpeak version is something like "4 a frshr, ur fndz rock" 
Soren Madsen
"When you don't know what you're doing it's best to do it quickly" - Jase #DuckDynasty
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You racist European! Indians would say, "4 a frshr, fnds r dmn gd"
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But it seems to be ok for Aussies, Brits and Kiwis to have their own words in the English language....
Cheers,
विक्रम
"We have already been through this, I am not going to repeat myself." - fat_boy, in a global warming thread 
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Don't worry, I am sure there are plenty of their words I hate as well  .
On a serious note, please don't take this as an attack on Indians - I did not know the OP was Indian and I did not know that term is specifically used by Indians.
Soren Madsen
"When you don't know what you're doing it's best to do it quickly" - Jase #DuckDynasty
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SoMad wrote: Don't worry, I am sure there are plenty of their words I hate as well
Touche! 
Cheers,
विक्रम
"We have already been through this, I am not going to repeat myself." - fat_boy, in a global warming thread
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Ravi Bhavnani wrote: "fresher" == college freshman (i.e. "novice")
Are you sure? I always assumed what people meant is that they are "fresh" out of college (usually an under-grad / bachelor's) and have zero experience professionally.
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Yes, I'm sure. In the 70s, it was a given that all IIT freshers (freshmen) were ragged (hazed).
/ravi
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Okay, it's possible that recently it's assumed a new meaning. The OP does not seem to be a college freshman, and seems to be someone looking for a job.
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I think the generic meaning of fresher is "noob". A fresher at university is a freshman, a fresher at a law firm would be a junior associate (who has yet to pass the bar exam), a fresher at McKinsey would probably be someone they hired right out of school, etc.
I (literally) hate to say it, but a "CP fresher" would probably be a CPian with less than 1K points.
/ravi
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Ravi Bhavnani wrote: I (literally) hate to say it, but a "CP fresher" would probably be a CPian with less than 1K points.
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Well said. 
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Do both.
Every software company needs at least one security conscious developer. This should be a plus on your side when interviewing for a plain developer job.
Also, many computer security companies provide auditing services. After the audit, they assist with remediation of any problems found. A security conscious developer is definitely needed here. In between remediation projects, you can still do pen-testing.
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Well, if you're trying to eventually get into the security thing... you probably have to have a base of the technology you're trying to protect (or "test"). Knowing about networking, socket programming, and web technologies, would somewhat lay the path for that. As someone already mentioned though, it's probably going to be rare that someone will hire someone with no experience for a security position, so be prepared to start off somewhere else and try to build a foundation with your current job for your future job.
If you want to be a developer, you pretty much have to choose a technology that you don't only like but also one that has significant demand so that you can actually find a job once you're done with college. With that said, game development might be interesting and fun... but how many jobs are in that field versus how many people want to do it? I would imagine that's a tough field to get into.
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In my opinion and my personal experience is that "experience is your greatest" teacher as my father always says. Get involved in those areas that your curious about. At the first introductory level those areas may sound great from their description, but once you become more involved you very well may love it or hate it. Or maybe you might not hate it, but don't have the day to day passion for it.
What I am trying to get is the Nike motto "Just Do It". You will know very soon if your interested in it or not.
When I was in college I had such a strong passion for computer graphics whether it's making games or designing tools for game developers. Actually, anything computer graphics related I had a strong passion for. The more I got involved in those areas the one thing I found out that I absolutely loved just making things not necessarily games or anything game related. I would never have found that out if I didn't at least try. Currently, I write programs that have nothing to do with games, and I am ok with that because I am doing something that I love: making tools for engineers to better the world (I hope).
It's great to ask for advice from those more experienced, but at the end of the day this is your life and you have to live it. Make mistakes and learn from them.
Just my thoughts.
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You sound way too much into movies. Or you just want to beat that Counter Strike champion in university. Now,
Ashwin2013 wrote: 1)If I am going to be a developer what kind of applications I want to develop
a)Software Applications
b)Web Developing
c)Game Developing
1. You want to do something on your own, start a business. Job has nothing to do with it.
2. Almost everything that runs on a computer is a software application.
3. Web development is huge. Where do you thin you fit in? And please do not think of movies here.
4. Have you tried game development ever?
As far as your fascination with hacking related jobs go, it is boring. I have done it for 1 year 7 months. Trust me, whatever you saw in movies does not apply in real World.
I would recommend you to think outside of movies and revenge and really consider what you want to do.
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Completely off topic but I hate the term "penetration testing". Sounds like something a pimp would do.
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A developer has enormously more freedom than a security expert.
You can write programs that play chess, process images; video; 3D scenes; audio; that implement radar systems, medical applications, finance applications, business application, network servers, network clients, implement device drivers, do operating system development, do oil exploration, etc..
Any list I could put here would barely scratch the surface of the breadth of general software development. A good software developer often has to develop expertise that is related to the domain where the software will be used. If you're writing a chess program, you have to know how to play chess. If you're writing an imaging processing program, it's useful to know something about color science.
It's not that the field of software security isn't a broad and interesting field, but it is more limited than general software development.
As to which field will have more high paying jobs in the future, I have no data on that.
However, my answer to you isn't based on what I wrote above. Do whatever you love to do. That's more important than money. If you don't like doing your job, you won't excel at it.
modified 5-Apr-14 0:02am.
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Get a job. 
The report of my death was an exaggeration - Mark Twain
Simply Elegant Designs JimmyRopes Designs
I'm on-line therefore I am.
JimmyRopes
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/ravi
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Wireless internet. Signal strength 95% to 100%, excellent. 1Mbps.
I moved to a house in the 'polder' last week. No cable internet and 1Mbps is the best I'm going to get out here... Feels like a cold shower after coming from 25Mbps.
On the plus side we got a huge garden and not a lot of people in the neighbourhood.
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Quite luck you... wish i could get that 100% strength,,,free of cost 
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