I definitely think so, but in all likelihood it’s because of the far greater academic exposure that IITs especially old ones are able to provide. For example I am Dual Degree Elec student at IITB, I have multiple papers on statistical signal processing and Bioinformatics this is all due to proper guidance and amazing internships whose credits solely belongs to IIT tag.
My batch mates who have decent CPI 8.5+ ( most had 9+) and some research exp hv admit from top Americal and European Univs, including MIT (3 from my batch), UIUC (2 here), Columbia and UCLA ( 2 here), Georgia Tech (1 here) and Stanford ( 2 here). Everyone remotely serious about research is joining a prestigious Univ abroad but I can’t say the same about BITs. In a batch of 60, I would say 12 applied and 12/12 got through into hotshot univs, so the stats cant be better.
Now if ur talking about MS abroad, I don’t think tags matter much, ur bank balance and ur essays matter more (Convince them ur goals align with Univ, ur capable of achieving them with the help of univ and that ur gonna do well there, do this and ur gonna be just fine). U need to understand in MS ur the cash cow and they are glad to have u, in PhD ur paid to be there, they need u there so it’s much harder and a much more rigorous metric has to be fulfilled, BITs is hardly an international brand, the IITs are.