Nikhil Bhatia, a PhD student at the Texas A&M University, was rescued from the Lake Bryan, where he along with Shalini Singh had gone swimming, on Saturday.
Bhatia who was critical died in hospital while Singh continues to be in a critical condition, according to officials at the Indian Consulate here.
Bhatia, originally from Jaipur, along with Singh, 25, from New Delhi, were admitted to a hospital in a critical condition.
According to their friends and some witnesses, the two were swimming in the lake when a sudden current of water pushed them deeper.
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The friends accompanying them noticed that the duo were in distress and flagged down nearby police officers.
Bryan Police officers were able to rescue and provide cardiopulmonary resuscitation to the victims until medics arrived, according to Bryan Mayor Andrew Nelson.
Consul General of India in Houston Anupam Ray has been monitoring their medical needs and situation closely. According to the consulate office, Bhatia's mother Dr Suman Bhatia has already arrived and was assisted by the consulate amidst the worsening flood situation here.
Meteorologists have forecast that the historic rainfall will dump up to 50 inches by tomorrow.
Heavy rain bands were expected to move in over the Houston area overnight, which will continue the catastrophic and life-threatening flash-flood emergency in the area.
At least 200 Indian students stranded at the University of Houston due to the flooding after Hurricane Harvey hit Texas were being evacuated to safer places, authorities have said.
India's Consul-General in Houston Ray has been in touch with the students and monitoring the evacuation process.
Hundreds of Indian students, who were stranded in their homes and ran out of food, are being helped by the consulate.
Ray said members of the Indian graduate students' organisations had reached out to him through Facebook last night. Despite all roads being inundated with water and closed for traffic, Ray personally went to the apartment complex where more than 250 Indian students were stranded.
According to local community leaders, at least 100,000 of Indian-Americans live in and around Houston area have been badly hit by the hurricane.