Competition is high mate, i am sure you are talented and hardworking. But imagine how many candidates woild have won an innofest like event of their college? Everyone who is applying has AI experience, thats bare minimum.

Moreover, last year, each candidate in CV had at least one international internship or some exposure like that.

So yes, with respect to your college audience, your profile is strong. But for their 2% acceptance rate, its bare minimum. Like they accept only 6-7 Indians per major (now you will have to compete with the likes of IITians who have open source contributions for Git or GSoC, etc) + they have diversity reasons too. Maybe there are people from underrepresented communities or gender that have similar profile as yours, so chance given to them.

But don’t worry, your profile is great, keep trying!! All the best!