I'll make no comments about medicine - I know nothing about education in this field.
The bachelors programs in the IITs are great, by global standards. IISc does some cool work too. Leaving those aside, a BS in engineering (called BE or BTech here) is not bad. We have some outdated courses, we don't have the freedom to choose courses, etc. But for most of our courses, we use the same textbooks as Americans, Brits, Australians, etc. I suppose we have similar kinds of lab sessions too.
Academia (includes bacherlors, masters, PhD, post-doc, professorship, research papers, conferences, journals, funding, etc.) in India is generally terrible. ME/MTech in India is mostly useless. BE/BTech in India is not bad.