I'm also an Indian from one of the "top" engineering colleges and what you say is very much true for what I have seen first hand during the 4 year degree course.
Unfortunately the reason here is definitely cultural. I was lucky that my parents didn't force me to become an engineer or doctor (though it was by choice) but for majority of my friends since 9th std, it was about getting into IIT and their whole life and their whole parent's world revolve around getting a good job in a top MNC and that's the Indian version of American dream.
Unfortunately the competition is fierce and there are 10 candidates for every spot, so you buff, cheat, cut corners and do everything in your power to get ahead. Because if you don't the other person still will and he will take your spot (it's like SEO).
There is an amazing web series called Kota factory. If you want to understand the culture it offers some great insights into it in a very entertaining way!