Yes, there is defnitely a need for more IITs. India has to invest more into its human potentail before it emerges as a sper power. This should have been done much earlier. Education and technical superiority will put the country in a commanding position on the bargain tables. Any nation which holds the key to advanced science and technology holds a superior position in trade and political bargains.
IITs have been rated among the finest world class institutions. The highly competitive entrance for the IITs brings for the most talented of the country. If there are more IITs more of this talent can be nurtured. India can then in another 25years be far superior nation putting to work its best minds.