What career options do fresh computer science and information technology graduates (from IT Universities in India) with strong technical aptitude have?

As a fresher your goal should be to learn. Period. Don't look at your package, commute time, whether it is in different city etc.. Try to look for a start-up company. The amount of things you learn and build and get a hands on in a start-up is very more than you might get to do in a big company. I graduated in 2011 and luckily got placed in a start-up. The amount of ground up development I have done is way more than what my friends in other big companies have done. I have learnt a lot, worked hard and its paying off. The start up culture is booming so go for it.

Unless  one possesses  a plethora of skills associated with starting their own  startup, doing it is definitely not recommended. Starting your own IT  startup goes much beyond than simply good possessing programming skills  and in which great amounts of confidence  and the persistence is required to go all the way and I definitely  recommend gaining atleast two years of relevant experience before  deciding to go along that path. The way ahead is definitely a (good)  product based company or a tech startup. There has definitely been a  surge of tech startups in the country and they are offering varied  amounts of fields to work in, so there is always something for everyone.  It all boils down to one's interest. A startup is like a relationship  and great amount of perseverance and dedication is required for it. You  might be working a simple garage startup, but if you can connect with  their vision, then the motivation is always there and no doubt that the  learning that one gains in startups is huge and spread-out. Unlike big  companies one is involved in literally all aspects of the product and  its design and the power to influence the customer lies in their hands  and there is always a great sense of ownership of the work that they do,  which you can't expect in a big company until you have a decent amount  of experience(in maximum cases). If things like the office-space,  working hours, a great pay, holidays and the likes matter a lot to the  individual, then a startup is certainly the worst decision that they  will make, as such people never last in startups. Then most certainly an  existing, good product based firm is the way ahead. Just a simple  comparison, no doubt big product-based companies are always the ones  doing bigger game-changing and challenging things, but you can never be  sure of your role in the product there, prior to joining them. I'm from JIIT, got into Infosys, always knew I couldn't work there. Enjoying my best days at the startup I'm working for.

According to me, there are two options after doing graduation. (1) Find a job (2) Go for higher studies (Technical) One can definately go and work in the company in which he/she got placed via Campus Placement. Another great option is to go for a M.S. or maybe a PhD too. It depends on the level of motivation, skill set, profile expectations. People think that PhD is just about research for a lot of years and then go in the teaching line. Yes, that is a option, other option is join the R&D department of the biggies (Google, Amazon, Facebook). Also, these days an integrated 5 year program (MS + PhD) is also there. The great thing about this is generally you don't have to pay a penny out of your pocket instead you'll get enough stipend from the University so that you can live in a decent house and own a car too (while studying).