You need to realise that 4000 people get into IITs every year. So for 2 years you have 2000 probable applicants (rest go for MS/PhD/IIM/work), out of which at least 200 are applying and from which 50 of these guys would have something like perfect GPAs. To give you an example: One guy was working for Proctor and Gamble prior to his Stanford MBA.
This is the job which top 10% from IIM A, B ,C and few other colleges try to get into. Its not about GMAT score as even the application says its optional. They are asking for 10, 12th Marks, GPA, Work Experience and other awards. If you are exceptional is all of these areas you will be shortlisted. One of my friend from IIT who was working at Goldman Sachs in Options Research and had CFA/FRM was not even shortlisted to apply for Stanford. So you guess an idea about the competition.