Okay let me try to be objective while answering this. But first, I would like to point out a fallacy in your argument.
Rajiv Suri does not have any higher degree other than the BE he attained at MIT in ECE. So no, he does not boast of an MBA from a top US school, unlike Satya Nadella.
As for the larger question, is MIT as good as it is being projected out to be? Well, it depends. Joining MIT does not come with a guarantee of becoming the CEO of a top multinational later on in your career. Not even the IITs do. It is a good thing that two of our alumi have made it that high up the ladder though and it does in some way speak as how the assumption in people as to “MIT being the IIPM” of engineering is very very wrong.
I would definitely tell you this: Manipal is one of the best private engineering institutes in India. Without a shred of doubt. There are many things people say about it being the place where all the spoilt rich kids go and where you find drugs in abundance. Well,
1. There is a LOT of diversity in students who come to Manipal. Both socio-economic and demographic diversity. Not all students are rich. Not all students are spoilt. And even IITs have rich and spoilt people. That is not a correct parameter to judge an institute.