find : ^.*?"([^"]+)"[^"]+"(\w+)"
replace with : <value in="\1" out="\2"/>
output :
<value in="India" out="IN"/>
<value in="Germany" out="GM"/>
<value in="Canada" out="CN"/>
<value in="United States" out="US"/>
demo here : http://regex101.com/r/hH3rZ4