The parameters are expected to be 'teaching-learning', 'academic performance', 'outreach' and 'impact' of the institute nationally and globally.
The parameters are understood to have been discussed by a committee that met here on June 29.
It was chaired by both higher education and school education secretaries and attended by vice-chancellors of some central universities and IIT directors.
"We will have another round of discussion before finalising the framework which would be put in place in next two to three months," an HRD Ministry official said.
The rankings will cover all institutes of the country and are likely to be divided based on an urban and a rural ranking, once the pilot run for these is successful.
The Ministry will soon be uploading the details on its website for feedback from stakeholders.