IIT is the best college in India? NO WAY. Maybe in terms of facilities but in terms of quality (of the students), I don't think so.
As our education system does nothing to actually test our intelligence or creativity, in my opinion, only fools make it into IIT (no offence). Not just limited to IITs, it applies to every college basing students on our enterance exams (including JEE or AIEEE).
I always had high hopes for the JEE exam. I had always thought JEE would be different than the others and actually test our abilities than our single ability to mug up/by heart everything but I was mistaken. This year's paper was so stupid (for the lack of a better word), I got frustrated and didn't bother to write the 2nd paper. I would've taken it as an insult if I had got into IIT this year.
Its the students that determine the quality of a college and in our education system, good students are split based on chance coincidence and luck, you will never find the top brains huddled up in IITs,NIITs, etc.
