There is a surging demand for the skills an IIT imparts and no supply side response. It cannot be an issue of funding, because if the government is strapped for funds, these institutions could raise funding directly—their alumni alone would be able to provide billions of dollars. India needs 50 IITs, 100 regional engineering colleges (RECs) and many great colleges to support the needs of the growing economy. [...]
Thus, instead of IIMs setting up campuses abroad, we need on a war-footing to increase the number of top quality institutions in India so that we have children from other countries coming to India to study and the education business works to India’s advantage in an increasingly knowledge-based society of the future. The current apathy needs to end.
That's from Janmejaya Sinha, Managing Director of the Boston Consulting Group, in an op-ed in the Financial Express.