IIT Madras - Indian Institute of Technology Adyar Chennai Answered Questions

Both degrees have their own values. it all depends from which Institution you get your degree. When we say Institution we also cover university affiliated colleges. Majorly before joining you should focus on counting what emphasis a college/institution is giving on the teaching practices and industry oriented sessions for your knowledge development.

The chances to get IIT Bombay seems low whereas IIT Madras is very high if you perform well in GD/PI. Last year the cut off for Bombay was 90%+ whereas for chennai was 85%+.
Also if you want,you can consider IIT Roorke and IIT kanpur. Chances seems good in these IITs also.

There are many career prospects available to you after the master's degree in English literature.
Some of the jobs you can get:-
1) Teaching (school teachers/college lecture)
2) A reporter in any channel such as CNN's "Star News, Zee News, etc. . In any of the famous and reputed channels.
3) If you have any experience or degree course in journalism and then you can go to the press section.
You can get a job in print magazines, as well as articles in newspapers etc.,
If you have good communication skills and skill to talk nice to get job in this administration, even in other countries as well.
If you don't want any of the jobs listed above then you can try civil services/groups where you can get a government job.