Software Engineers are one of the most well paid professionals in India as well as in foreign countries. Depending on your hard work and street smartness in college, it might range from 4 Lakh per annum to 1 Crore per annum. Now you must be thinking, why the range starts at such a low number and goes so high. To answer your question briefly, it all boil down to decisions you have made while choosing you college, stream, competitions you chose to participate in while in college, the kind of internship you targeted, papers you published etc.
Software jobs in India are generally of two kinds. One is service based and other is product based.
Service based firms like TCS, Infosys, Wipro, IBM, Cognizant, Accenture are resource rich at organization level but pays miserably to majority of its workforce. Positives of working there are better job security, lesser work pressure and better work life balance. The work life balance is also subjective to your manager's attitude. Worst part of working in traditional service based companies is a flat learning curve which justifies low salary band and lower annual pay hike.
Product based companies are too aggressive in talent acquisition and hence they pays decent enough. Here your talent and learning appetite will be appreciated as well as rewarded. In the product based setup you may find a guy starting with 4 Lakh per annum salary and reaching to 25 Lakh per annum within 3-4 years.
The bottom line is that the earning capacity of a software engineer in India depends on the intent of that engineer to learn quickly the market relevant technologies. Earning in this industry is directly related to expertise one has earned rather than the years of experience one carries or the kind of degree one holds.