Tertiary education isn’t all the same, but that cuts against India as much as for it. India has some good universities, but also many bad ones. Half of Indian college graduates are unemployable: https://timesofindia.indiatimes.com/education/news/degree-vs...

The Philippines has universities ranked higher than some IIT: https://www.topuniversities.com/asia-university-rankings. Indonesia and Malaysia have ones ranked higher than any IIT. Of course Korea and China dominate the rankings for Asia. Latin America has many universities ranked in the range of the IITs as well.

But to put all that in perspective, Arizona State is ranked 173 in the QS rankings, above all but 2 Indian universities. The U.S. has an extremely deep talent pool.