1. The Indian population is growing and more students are appearing for the IIT JEE. The number of seats are not growing proportionately.
2. The Indian industry is now competing with the rest of the world on quality and price. Lot of multinationals are setting shop in India. The demand for quality engineers is going to increase manifold.
3. India is spending on infrastructure and as time passes the snowball effect will be seen.
4. USA is struggling on the economic front and recessionary climate will reduce jobs. So the notion that all IITians will go to USA is history.
5. Our economy is one of the fastest growing ones in the world and can grow at the rate of 10% in future.
Now the cons
1. The Govt's finances are in a mess and it is considering stopping funds to the existing IITs???
How will it fund new IITs?
2. IITians are sought after because of their quality and not because of their tag.
Instead of renaming existing colleges it is better to improve their quality of teaching and examinations. Yes we should make them as good as the IITs. The name and fame will follow.
