What is needed today is revamp of the entire curriculum and a shift from the imperial education system to a system that suits India's needs.
Bachelor programs in Math, Physics and chemistry should be a 4 year course and the curriculum should go through a complete change.
Emphasis should be given for fuel cell / Electric vehicle technology and weather sciences. Goverment should encourage IITs and IISc to develop technolgy for commercialization of Low cost amorphous silicon production.
This would automatically generate jobs in manufacturing sector and IT. This would enable IT industry to focus on specialized software products.