You conveniently ignored the fact that Indian performances have been trending upward. Or the fact that ACM ICPC isn't even advertised all that heavily in India
https://www.codechef.com/icpc/
ICPC doesn't even have proper cities selected. As a Bengalurean I knew about it only after it was too late. And I am in the tech capital. Choosing unfair stats leads to bias.
As for B.Sc being looked don upon, maybe that was in the past but things have changed. The number of B. Sc. applicants has been increasing steadily, since more and more urban Indians are realising that a) engineering is not really their in forte b) more people are realising their interest in math. Even coaching institutes and starting to offer courses for ISI and CMS entrance.
Yes, looking and individual performance in unfair. It shows the outliers, not the mean. The mean however, is improving. The bell curve should slowly start shifting towards the right side. I won't be surprised if by the time Pranjal hits 12th, at least one team wins bronze.