From 1947 onwards, the Indian government pushed one strategy for higher education: that of universities run mostly like government departments, and entry barriers that hindered new ideas from coming about. By and large, this approach has consistently yielded failure.
One innovation which slipped through the cracks was the Indian School of Business. Today, ISB has scored rank 15 of the world's business schools (after getting to rank 20 last year). Also see the Financial Times rankings page.
This is a really remarkable achievement. There is no other global ranking where an Indian university has come out at rank 15. This is particularly an achievement when we consider that ISB only got started in 2001, and it normally takes many decades for a university to achieve a reputation. As an example, IIT Bombay got started in 1957 and eight years later (i.e. 1965) it had a lot less prominence when compared with today. This emphasises the importance of the business process innovations that distinguish ISB from the mainstream strategy of universities that are run mostly like government departments.