To me it's somewhat disappointing to see how quickly HN jumps on an article like this. With all due respect to the obviously enormous hard work these people put into getting in to an IIT, and their obvious intelligence, isn't this kind of discussion about some test to determine whether or not you're 'smarter' than other people something of a pissing match?
No doubt intelligence to a certain degree is a pre-requisite, but beyond that privilege and wealth contribute a huge amount (emphasised in the article when discussing tutors.)
When I attended university I saw how important it was to strategise in exams, the actual technique of exam taking itself is clearly something you can work on, regardless of intelligence. Any test like this can be, and inevitable is, gamed by its candidates; the exams become more a matter of how good you are at guessing what will come up and being good at the art of answering exam questions rather than what the exams ostensibly examine.
I raise this because I find the whole 'elite universities, passed difficult tests = wonderfully smart people who should be given every opportunity in the world to shine' as suspect, biased towards the privileged, and false beyond a a certain base level which is probably not the 'cream of the crop' levels of intelligence people ascribe to those attending this institutions. It smacks of pomposity and self-serving arrogance.
I say this as somebody who went to an 'elite' or at least well regarded university here in the UK (Imperial College.)
Full Disclaimer: I myself may be somewhat biased as I under-performed at university because of quite horrific family issues which inevitably results in an emotional reaction to this kind of thing, however I don't think that invalidates what I'm saying.