The good news is that an Indian student from an American college has a much easier time getting in to good American graduate programs (with 100% aid) then an Indian student from an IIT. This was definitely true at University of Rochester EE Dept when I was on the admissions committe, and I would be surprised if it were not somewhat generally true. In the sense of getting in to an American graduate program, you are "hacking the system" by going to American undergrad. (Of course, you are hacking it for an Indian admit. Americans get that advantage for free, which in pg essay lingo is a form of corruption).