Is the Indian Education System lacking somewhere? Exactly at what points?

Sports - India is doing well academically on Science, Technology, Arts, Commerce front. But lacking considerably on the Sports front. 

Laboratories - Considering the number of students, the access to laboratories is very limited in their school days (in the young age from 13 to 18 years age of students). The access is little more in their colleges/universities (from 18 to 22 years age of students). Access is the most during their Masters and PhD (from 22 to 27 years). If the students are given more access to laboratories in their young ages, they can create/invent more.

Workshops - In India, the practical or hands-on training is much less in school or university days. That is why the knowledge the students receive, remains "bookish" knowledge. If more workshop training is given to the students in their school and university times, it would be beneficial for them in the short run, immediately after coming out of University and getting placed in job. What helps in the long run is the habit of continuous learning and updating the skills !

Spirituality - Lessons in spirituality helps in "self control", "common sense" and "judgement". It will benefit through their entire life.

Religion(s) - I find it necessary to teach the religion(s) "formally" in school rather than practicing the religion "informally" according to the sayings of their seniors at home.