From a students point of view the school that gives him the highest paid job to start with when he finishes his education is the best school. Naturally such a school attracts the best students - here the term best means a combination of natural brilliance, excellent basic education and training at lower levels, and some luck too. Corporates too focus on such schools because they are assured of some degree of competence in the candidates. IITs became famous because of US attraction and now that the attraction is gone (greencard may take a lifetime) IITs are now not going to get the best students. IIMs too have become too many now and they too will lose their sheen soon. A job holder in India has zero value because he is at best an employee, a slave, and slaves are too many now. There is hardly any student who goes to a school to get knowledge now, some go for a highly paid job, rest go for timepass. How many of us actually used any knowledge gained in the school once we left the school ?
The accreditation system adopted by the newspaper is fallacious. Why should we look at Indian education from the Western orientation? Our ethos are different and learning patterns are different. For e.g. Indian classroom is typified by silence whereas the western classroom has interaction. Continuting on this strand, I can list at least a score of differences. I do not stand by their assessment. We have NAAC, can we apply this framework to western universities? Will they accept this? So let us be conscious of our quality and not belittle it. I am prepared for an open debate on this if need be.
Indian universities and institutes, already have an excellent home grown ranking system, based on the no. of student applications per available seat. Indian institutes boast about being more competitive, to get in, then Harvard,Caltech, Cambridge, MIT etc. Indian institutes have an elaborate ranking system based on no. of applicants rejected.