Unsurprisingly, Johns Hopkins tops the list with a research budget of just over 2 billion dollars of which over 85% is from federal funding sources. The University of Michigan at Ann Arbor is at #2 with an R&D spending of $1.184; The Universities of Wisconsin and Washington, at #3 and #4, respectively, join Johns Hopkins and UMichigan to form the rather exclusive Billion Dollar Club.
And the total R&D spending in all the universities exceeded $60 billion in 2010!
A few years ago, I tried to estimate the R&D spending of Indian institutions -- it's a difficult and imprecise exercise because we don't get disaggregated data on academic R&D spending exclusive of spending for higher education [if you know of a source of such data, please let me know]. I arrived at a figure of about 450 million dollars for all of India].
I don't know what India's academic R&D spending is now, some five years since that exercise. Perhaps it has doubled to about a billion dollars? Maybe it's two billion dollars now?
The NSF data on US universities are worth keeping in mind (Johns Hopkins is bigger than all of India!) when people pipe up with questions about when India will become a scientific superpower.