This is unrealistic when you don't have the supporting ecosystem for it.
USA has over 100 reseacrh level univs,even its more average univ has better facilities than the iiT'S,top notch professors from around the world conducting research,funds from NSF,young men gifted with immense resources with the public librairies and the purchasing power of a developed economy.And the small matter of finding excperinced people who have been involved in product development before and been through it all before.! how many such people are there in india?
without building on such supporting environment, innovation will only remain a pipe dream.