Well my friend, here are a few things you should know:
1. If you are interested in research, you should approach professors/find out what they are doing etc, even at the worst of schools, there is always someone doing something worthwhile.
2. As it looks like you are already following hacker news, keeping up to the posts on the front page itself should give you a lot of ideas and things to tinker around with.
3. Believe me, undergrad education is useless, everyone does it to get a degree. What really matters is the environment around. The people around you will help you learn more at school than the course itself does.
4. Ask yourself these simple questions, if the answer is a "no", try working towards making it a "yes" :
Do you have a GITHUB Account ?
Have you tried getting your hands dirty with any OSS project ? (not necessarily code, configuration ? testing ?)
Do you follow journals in your area of Interest ?
Which courses do you love at school ? Have you supplemented the course with some extra reading ?<p>These are just a few questions that can get you started, for example, the course for algorithms/data structures at most schools in india sucks big time, why not follow it up with a reading of AOCP or the MIT algorithms book.
And yes as someone already mentioned, concentrating on work rather than cribbing about the system will take you better places.
BTW, I did my undergrad from a so called "reputed private university" in India too.