While the much touted IITs have an annual enrolment of 10,000-15,000, focused only on the brightest students, they have neither produced a single worldwide patent nor a Nobel laureate.
"We still do not have a single equivalent of a Google, Facebook, Microsoft or Walmart or a Nike. Even a small country like Italy or Finland fare better," the survey said.
The study blamed "lack of commitment and resources for research" as one of the culprits.
"Ninety percent of the state and central funding goes into payment of salaries and overhead costs and building of new physical infrastructure which leaves almost no money for research and innovation," the study said.
"Political interference and using universities as hubs for political activities only compounds the problems. Outdated curriculums, teachers and student unions ensure that status quo is preserved," it added.
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