Hi Ashu,
It is a proven fact that knowledge is power and so is the case with IITians as they are in a position to get better jobs because they have proven their worth and that's why they are in an IIT. Also, the companies that visit for placements offer better job roles to them as compared to any private college because of the brand value of IITs.
However, sometimes if you are able to prove your worth even in a private college in terms of your knowledge and are able to impress the corporates then you may land up in a better job than your peers but the kind of job role that you will get along with the benefits will depend on the college from which you will pursue engineering. For example- BITS Pilani is a private college still people bag jobs which are many a time better than IIT jobs hence it is completely dependent upon the private college you get into.
Hope it helps.
Good Luck!
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