Subhash is talking Social sciences, Engineering & Technology and Sciences at a time, I am afraid that a single conclusion can't satisfy all. Moreover, some of the geniuses can't be identified under any Indian university. In fact people like S Ramanujam are blessed with talent by birth. Mahatma Gandhi was known after studying in London. There are several successful people in western countries those had their undergraduate studies in India from not that much reputed institutes. Of course IIT's undergraduate programs are well known since their entry is through some tough screening process. Undergraduate and masters students use the existing framework and record to seek career else where. Most of the research publications in engineering from India are due to the input from Research Scholars and I am sure that in future they play much bigger role in building a vibrant research culture. They are the most significant people for keeping the current research record and their earnings should match the Industry. Coming to the worlds ranking we simply can't compare apples with oranges. We have to see the research output per unit funding then I am sure that IITs would stand in top 20 around the world.
