MBA/PGDM

Hello Ramya,
The point you stated above is partly fact and partly myth. The top B-schools for MBA have got an esteemed reputation. They have better contacts with the HR department of various companies. Therefore, the probability of getting placed in a reputed company with a decent package certainly increases. In this context, the point above is a fact.
However, on the other hand, these colleges are extremely choosy in selecting the students for the course. Students who are extremely top graded, mostly get a chance to get through to these colleges. They rigorously train students and along with equivalent effort from the student as well, they are able to achieve such results. Many students are not able to go through this rigorous training and quit the course midway. Just getting through into a good college isn't enough to secure a good job. In the end, all that matters is the student's skill set, the effort student has put and willing to put hereafter as well. There are quite a lot of stories of successful entrepreneurs emerging out of not-so-good colleges. in this context, it's a myth.
I hope this answers your question to your satisfaction. If so, kindly upvote this answer. If you have any further questions, kindly revert.