I hope government does not go about implementing this. By adding 5 more IITS, it will just lower the importance IITs get right now. There will not be any difference between IITS and any regional college.
Competition will lower and quality will degrade.
Over the years, importance IIT graduates enjoy in india and abroad will deminish. Instead I think government should try to improve masters and phd standards at IITs.
For once, let think about quality instead of quantity.