@Vineet you can try doing some research, Grad Schools value that a lot. You can try joining some research institute in india (I know they are rare) and have at least a paper submitted before you apply A good idea would be to target WWW 2011 conference which is going to take place in hyderabad,

In my case I had 2 international publication in a reputed International chemical engineering journal on topics related to machine learning which helped me a lot despite of poor grades,

you can try applying to universities like NCSU, UNCC which are decent also provide good support,

As a reference point have a look at profile of my friend who is doing PhD on a full schol and is from a decent school (not IIT) http://www.linkedin.com/in/nmahatme he had done research while doing undergraduate degree and he got direct admit to PhD