It depends on college actually. If you can get into good college then you can make it to core companies. Not just IITs, there are other good colleges too. NIT, BITS, DU, IIIT etc.
GATE & MTech was never my plan, so I never cared about it. Now things have changed & I am considering GATE. Not alone GATE, you can also try for other college entrance tests.
What are you studying / working currently & whats your plans