yes, our population is increasing day by day and we do need more IITs to cater to the demand for premier engineering colleges. The new IITs should be given time to establish themselves in the industry. The govt. should look into the postion of IIT( Guhawati) and then decide further.
converting RECs into IITs wouldnt make sense as the recruitment procedure is entirely different.
Alumni from premier institutions like BITS(Pilani) and IT-BHU have carved a niche in the industry and do not really need the IIT tag; though some might not agree.