I recently attended a planning commission meeting where the issue of rankings of Indian universities was discussed. One thing was apparent: many members of HRD and planning commission were serious and wanted to do something. As Professor Balaram points out, if one is serious about playing the game, it is better that one learns the rules of the game. Unfortunately, many players of this game (MHRD, faculty in institutions, policy makers etc.) seem to be oblivous to the parameters involved in the rankings and thus are unaware of the rules under which the game is played. Further, this game, unlike others, may be much harder to fix.
For an institution to rise up the rankings, individual performance and excellence should be recognized, appreciated and (maybe) rewarded at the institutional level. Currently, it is not and I do not see the situation changing soon even in premier institutions.