Answer:
It is a very subjective question.
When applying to the UK you need to submit a personal statement highlighting not only your academic achievements but also your extra-curricular activities.
Many students apply to prestigious universities such as Oxford, Cambridge, Nottingham, Sheffield etc....
It is here that your extra-curricular activities will distinguish you from the rest.
Moreover certain universities in the UK and USA offer scholarships to students who have excelled in fields such as sports etc.
Previously Indian colleges placed little emphasis on co-curricular activities. However at present, prestigious colleges place significant importance on Extra-curricular activities.
Just remember not to join too many clubs just to fill your resume. It is important to be involved in the few clubs/activities of which you are a member. Also, be sure to be an active participant from Freshmen year, not just right before college application time.