Several different comparisons (unfortunately, all of them are with US universities, for which data are easily available). They all paint the same picture.
Let's start with Giridhar's post:
... IISc and IITs are often compared with the top universities of USA. As a country, India published 43 articles in Science for the ten year period of 2000-2009 (this includes several articles which had a foreign collaborator). A single university, MIT, published 291 articles in the same period. The numbers are almost exactly the same for publications in Nature (45 and 295).
Next, from Prof. P. Balaram's editorial in a recent issue of Current Science [BTW, this editorial is almost entirely about the contents "The biological sciences in India: Aiming high for the future" by Ronald Vale and Karen Dell in the Journal of Cell Biology]:
... Vale and Dell point to some of these. They note that the total number of faculty in the biological sciences in 20 of India’s key institutions is ‘less than the number of faculty holding NIH grants at the University of California, San Francisco’. The number of postdoctoral fellows in Indian laboratories is very small and they note that the ‘University of California, San Francisco alone has ~1100 postdoctoral fellows’, a number considerably larger than the total number in all the modern biology laboratories in India.
In an analysis of Budget-2007, I estimated that extramural support from the government for scientific research in Indian universities is less than about 450 million US dollars. I compared this figure with some NSF data on US universities: there were 20 US universities that had an R&D spending of 450 million dollars each in 2004-05.
[Two things to keep in mind:
(a) The US figures would include salaries for students, post-docs and even faculty. The Indian figure would not.
(b) The figures for India would have changed quite substantially in the last couple of years; similarly, those for the US would also have changed somewhat since 2005. But the broad picture would still be the same: there are probably a dozen US universities each of whose R&D budget exceeds the academic R&D budget for all of India.]