WB aid for Faridabad YMCA Engineering Institute & related thoughts

Faridabad YMCA Engineering Institute gets WB grant
My college has been selected as a World Bank "Networking Institute" to get an aid under "Technical Education Quality Improvement Program" to improve the infrastructural facilities.
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Googled a little more to find out that similar aid has also been sanctioned for fifteen other colleges to Karnataka (including REC Suratkal) to develop them into centres of excellence. Considering how India is becoming a a center for skilled manpower we definitely need to improve both the quality and quantity of institutes part from our flagship IITs and IIM brand names to get the required critical mass for such leadership. I have seen the growth of engineering colleges in Haryana since my final year in the engineering college. Private ownership up of institutions was allowed around then. Unfortunately, I have also seen how quality was compromised in the process. Private partnership in education is needed to ensure we have sufficient number of institutes to serve our growing population. But the loopholes in the system need to be plugged. Unfortunately AICTE has not able able to ensure it, not in haryana atleast. Am wondering if ranking of engineering colleges like business schools is a way to improve things.