Also, a Godel prize was won in this decade at IITK (for AKS) and (not sure about this) Niraj Kayal (the K in AKS) began working on this during his undergrad years.
I didn't graduate from an IIT (different continent) but my friends from there executed very well in their internships, theses, grad school applications, papers etc. Talent is not geographically bound and to a certain extent JEE performance correlates with good reasoning and math skills (universally transferable in engineering at least).