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I hear a lot of mambo jumbo about India's IIT, but they are not even ranked in the top 300 in the world. Academic Ranking of World Universities (ARWU) by Shanghai Jiao Tong University is known to be more objective and consistent compared to the other two UK based rankings.
Care to shed some light?
There are two main reasons why IIT's rankings are down.
First reason is the opening of many new IITs throughout India expanding the student base and bringing the competition level down by accepting many more students who otherwise couldn't have made it to the IITs.
The second main reason is the holistic approach of the rankings, which also consider the post graduate student quality, and IITs have many streams in post graduation (from engineering to architecture) that do not attract the competitive students.
IIT is famous for churning out high quality undergrad engineering students, specifically. So if you were to look at the successful IITians all over the world who are holding top positions in competitive big corporations, you will notice that a hefty majority of those successful IITians did their engineering undergrad at the IITs, and not something as post graduation in something abstract like architecture.