Quality is a relative term. We have been hiring in India for past 2 years. I can tell you there is lot of noise and no substance. There is only handful of good candidates and they know they are good.
In India it's crazy because culturally they focus so much on the credential. It wasn't that long ago that if you were an Indian engineer and you weren't a graduate of IIT, you had no chance of working for these companies. The entire Indian hiring funnel is based on that system and it will be hard to change.
There is a a reason why people focussed on IITs. To be very clear, not every engineer graduating from IIT is good. But chances of finding a good engineer is probabilistically higher in IITs than other place. Also, when you are manager or startup, credential-led hire is medal of honour.
