I graduated with a B.E (Hons.) degree in Chemical engineering from BITS Pilani this year, so I guess I would be able to address both aspects of this question: how is the learning experience and how are the salary packages offered.
If you are someone who is genuinely interested in Chemical engineering, you would be mostly disappointed. Surely Pilani campus (from where I come) has some great professors in this department, but the whole environment of the class becomes not so conducive to the learning process (especially after second year). This is because the students realize that the future scene of core chemical looks grim, and the profs are mostly uninterested in teaching unmotivated students. There are other ways which require you to make an extra effort from your side if you want to learn: like follow up with a professor to do a design project with you, or publish a paper together, etc.
As far as the core chemical placement is concerned, the situation is bad there as well; but that I guess is same for even the best of the colleges in India. Most of the guys switch to fields like IT, Consulting, Finance and Analytics because they give you a job. The packages offered in core chemical jobs is pretty low compared to what circuit branches (Electrical, Computer Science, etc) have, and the job posting is often in remote areas. The placement stats of the overall Chemical department still looks good though since after four years there are very few people left who actually go ahead and sit for core placements.