Not all 30M of graduates attempt to get to these schools, so the ratio will be much lower.
We have a similar process in France for specific elite schools where French students go through a 2-stage exam system (first you need to get to a preparatory school, then there is a national exam). The work during these two preparation years is insane and the entrance ratio is about 3% (depends on the school).
This system is completely surreal (though the ones who go through it often like it) and different from other European systems.
As a side note, it is much easier to get to the school if you are not French, which did not help in some students relations.
For all of its warts the American system is the most forgiving and I think the best. You have many options for continuing education and it is now moving away from a filtering function. There should be a huge market for online education in India and even Europe. Or perhaps the countries should invest in higher education and build more research universities. The number one predictor of economic success is proximity to a tier 1 research university.
The Australian system is really flexible with entrance requirements, you don't need to have completed high school to get in. You can get in through a variety of alternative pathways, like professional experience, special entrance programmes, etc. Age is no particular barrier either, and it's pretty common to have older students.
It's recommended by a lot of people not to go straight into uni, especially if you're unsure what direction you want to go in. Spend a year or a few, work some hospitality jobs, and just enjoy yourself first, then go do uni in your 20s.
My dream system would be American universities (all get the same high school degree, take a test to see which uni you can join) mixed with the German trade system (proper standardized apprenticeships that are paid with further education for anybody be it plumber or electrician at Siemens, Bayer or BMW).
We have more or less this in France with all the other schools (universities, engineer schools, vocational schools, ...) where the last 2 or 3 years can be done as apprenticeship. Very sought after.
I always have 1 or 2 apprentices in my teams, at very technical and engaging positions. They are happy, I am happy.
We have a similar process in France for specific elite schools where French students go through a 2-stage exam system (first you need to get to a preparatory school, then there is a national exam). The work during these two preparation years is insane and the entrance ratio is about 3% (depends on the school).
This system is completely surreal (though the ones who go through it often like it) and different from other European systems.
As a side note, it is much easier to get to the school if you are not French, which did not help in some students relations.