Hii,

It's okay , if this is your first attempt.To get into Good IIT's or NIT's you need to get minimum 60 marks in GATE exam.If you are really serious about the Masters .Give another attempt for GATE and score good marks.Masters degree will give you more benefits  only if you do in good NIT's or NIT's.

Getting a Masters degree from a local private college is not worth.The job opportunities after your masters from a local college is very low.If you want to do your masters give another attempt for GATE and crack an IIT.If you really prepare well for the next year GATE exam from now,you will definitely get an IIT.finally it all depends on how serious you are about your career.

If it is your 3rd or 4th attempt better go for some other job.

All the Best...,