The IITs have done India proud. Instead of directly bumping up the RECs into IITs, let the board setup a comprehensive standard for an institution to become an IIT. Faculty, facilities and track record should be part of this. Then have yearly audits of these.
Creating more opportunities for bright students is definitely something we should consider. Building quality as well as quantity is the need of the hour.
India's destiny is great and we are going to need all the strength we can to fulfill it.