What should I choose, a reputed institution with a decent placement record but without my subject of high preference or a lesser institution with no placement guarantee but with my subject of preference?

Ask yourself why you took B.E. Electrical instead of Computer science. If the answer is that you are passionate about electrical and that you love electronics then go for the smaller university in your field. If the answer is that just because it's a core branch or because you didn't get some other branch you wanted, etc. then go ahead with the central university. Even if the placement is not too good I would suggest the second only because you wouldn't like working in some other field after doing engineering in something completely different. Edited on request.

Thanks for A2A. As you question is concerned, I would like to know what is your goal after all. If you want to earn money then M.Tech. in central university seems the way forward as it would likely to give you good placement. However if you want to study the subject then you should join state level university. By the way, rank 30 in India is not too bad either nor it would deprive you of a job opportunity (off campus is always there). Personally I belong to a school of thought that you should join state level university. Also what kind of placement you are referring to. Is it related to IT field.....if yes, then either computer science or elec. engg. does not matter (I work in IT industry). In my opinion think you should join PG in EE only. But again my answer is based on my experience only. Lastly, I see you have used words placement record and placement guarantee interchangeably. Please note no university/college/institution in India provides a placement guarantee (can't say about IIPM :P). What you can analyse and compare is placement statistics. I understand that central university has better record but on what parameter.....mean package, % of student placed etc. Anyways you can still find job from state level university since it falls in top 30 in India. Only thing is you will have to work hard. Decision is yours. ATB.

Why people get so emotional about being passionate about this one particular thing. That is something I  might am not going to understand like ever. Let me tell you How my views changed. When I was in First year, just getting a job was my passion (By the way I am a civil Engineer). When I was in my third year and was watching a lot of smart Hollywood movies directed by directors like Clint Eastwood. I became passionate about going to US and do my masters (still not decided in which field). Then I came in my last year and I started getting worried a lot. Now, I started finding my specialization for MS. All I was thinking about is specialization in Structural Engineering. But as a kept searching I got to know the exact type of job I am going to do and I'll be doing research and all. I wanted to do some practical related job and not research. So I finally got a course "Construction Engineering Management". But as I searched more and more I got to know that the job market in US is really tough (at least for Civil Engineering) and I might end up in a debt of somewhere around 30 Lakhs. So US was NO LONGER my PASSION. Now I started looking for Europe I got to know that situation is even more deeper in UK (There by the time I was looking for a masters course in Bridge Engineering).  Now I was looking for a course in Germany (in German Language) as getting a job in Germany is not really easy if you don't have enough knowledge of German. I am looking for a Construction management related course again. So what I am finally thinking, I am thinking of a course in Germany (in German Language) and Finally don't mean that Final. I know I am going to change my views real soon. I am also thinking of reading some Philosophers and directors like Anurag Kashyap and Keeping myself open to studying religion and Art too. Now, what do you say about my passion, You might say that Dude!! Are you crazy, Did I ask you to solve my problem or give yours too !! You also might say that I am a mad man who is not clear about what he has to do!! And what I have to say is this: I am doing fine.. I am neglecting option which are not going to make me happy even though (for an year or so) I thought that to be my PASSION. Now my final suggestion to you: If you start searching more and more deeper about your passion and you are still there with the same name (not even a little bit of change), then you are not digging hard enough. Being so adamant about you passion doesn't make you to be passionate about that thing. If you are really looking for your passion, then keep your thinking open minded and be ready to be surprised .. Do you have to be so pinpoint about your passion at this age?? I don't think so. Its like 2/3 of your life is ahead of you and you already know whats going to make you happy for the rest of your life (and even that so pin point). Simply unrealistic ..and not possible. Now, Get your ass in there with M.Tech in a field related to Computer Science. Its very interesting stuff out there and a very very bright job market. After all, These two branches are not so different. But a top Engineering College should be a real big deal for doing M. Tech. I am hoping you don't have a clue about doing M. Tech. from a lower rated Institute (means less number of companies visiting the campus, more assholes Profs.). If I would have been in your place I'll definitely go with Computer Science given the type of opportunities these guys are getting in current marker scenario (and that also from a much better rated institute, central level). It's not like profs are better but about some better and more number of companies visiting the campus. Just getting into CS from EE doesn't change your passion so much in the longer term.

If the university that is offering your computer science why would it not offer your electrical ? Generally in a good university computer science is always given to the best candidate so if the candidate wants electrical then it should not be a problem . Why don't you seek electrical in the university that is offering you M.Tech in computer science ? You may get it .

Logically.... go with the university which comes in the top 10. May be you find an interesting life there! If you are very determined, look for a branch change or choose a subject of your interest. State level universities have boring campus life and bad work culture which may harm you! You may be a kue ka mendhak there