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Hello MAnish
To get into any IIt's you must have a GATE score of above 600 ( top 7 IIT's). As this time question was bit easy hence the competetion will only increase instead of decreasing.
About 1.9 lakhs students gave GATE exam (for ECE) this Year and in 500 expected GATE score you can get shorlisted for lower Grade NIT's for MTECh.
PSU's is not an option and if you are aiming for PSU's then please drop one more year and start working hard
Download GATE previous year question papers to understand exam pattern and difficulty level. Practice with these papers to boost your preparation and improve your score.
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