In this world there will always be somebody who does better than us monetarily and somebody who does worse than us monetarily. If jealousy is an emotion you deal with on a daily basis, in the long run it will affect your health and your relationships and definitely your work quality.
Let us for a moment assume that you had made it to the IIT. Maybe you would not have got a better rank than X and might have found yourself in a branch inferior to some. You would be cribbing about that. Within your own branch you would not have got the best pay scale…would you be happy then? If you are determined to be unhappy, you would find a reason, no matter what.
I suggest first, you look at the fact that you made it to an engineering college (not all people manage to do that), and have a job to sustain yourself. Next, work at equipping yourself with the skillset and expertise that could you make you an invaluable asset to a company which can recognize your worth. Third, work at developing your personality.
Lastly, stop complaining and start appreciating. If somebody is earning more than you, see what they know that you don’t and work towards that.
It may be that you were under valued at first and that people from better colleges got a leg up that you did not. That should not stop you from putting in a greater effort and beating them in the long run.
Complaining will get you nowhere, competing will.