Hi Deepak,
NIT Jalandhar is a decent college. Both the branches are non-core so placement wise both are almost same. You'll have to do masters to get a decent paying job or qualify GATE. If you're getting both in NIT Jalandhar, I would suggest you to go with Instrumentation and Control Engineering. Instrumentation Engg. has a better scope than PIE in Industries. PIE is a derivative of mechanical engineering and can be called as a subset of mechanical Engg. Instrumentation and Control is a very specialized branch, it is generally considered an offshoot to EEE.
All the best
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