Re: Does that mean...
Yes and No - I understand what you are saying about consultants in general but the people from these IITs are a different breed altogether.
They are the cream out of the kids who pass high school every year and then groomed through a pretty good system to come out as some of the higly sought after Engineers in the whole world. There are estimates of more than 1.5 millon Engineers graduating every year from various collages in India and just a few thousand of them are from the IITs; of course there would be a difference.
So whatever perception you have of "Indian developers and consultants", it would change for good if you work with these fellows.