As an architect - let me say that it's much better than it used to be. Ten years ago, a fresh graduate could expect not more than 10k monthly pay. 5k was very normal.
Today, that number has risen to 20-35k depending on which office you join and, of course, negotiation and convincing skills.
Many of your senior archi batch students will mention to you that what you learn at school is irrelevant and you really learn when you join an office. I call bullshit on whoever says that. They are ignorant and have no idea about the 'industry'. What you learn at Architectural school, especially the miscellaneous subjects, are highly important later in your career. Civil engineering, Electrical, Mechanical services, Project management, Carpentry are all important subjects for one to understand how the miscellaneous disciplines work - these modules are usually taught by faculty from departments other than your archi department.
To ELI5 the above, as an example one could say, what is the point of studying history in school? It is not useful later in life for anything. But actually, it helps you become a well rounded person who can carry a conversation which really helps in building your Charisma. Its a weak example but I hope my point is understood.
Now, after you graduate, just like any industry, how fast you progress depends on your skills. The first three four years you'll be expected to have extremely good technical skills, namely the relevant CAD software (AutoCAD, ArchiCAD, Revit depending on office setup), 3d software (Sketchup, 3dsMax), Presentation (Photoshop, Powerpoint) and of course the Microsoft office package. All software mentioned above are examples, each office operates differently. Software skills should be practiced in schools. The better skills you have, the faster you can progress. It is at this stage that you are expected to learn from what you are drawing, in addition to learning from site visits. That being said, do not ignore the hand drawing and hand draughting modules. They are important to understand how drawings are to be made. It is akin to learning how to write A, B, C when in fact you can just type it all out on a keyboard.
After your first few years, charisma and technical knowledge (which you gained from the miscellaneous technical disciplines in Archi school and later on in the office) are important to progress from this stage. Many of your colleagues by now would have started their own practices.
Okay I understand I have not answered your query in the first place. Architecture as a career stands in a very average place in Indian society. Financially, it is not bad, but it is not great. The country is going to get into a lot of construction, and there is still a shortage of skilled and experienced architects. You can progress if you're good. Get into the industry if you have a passion for creation. If you liked games like SimCity, Cities Skylines etc etc - this might just be the right career for you.