My brother recently graduated from NIT Raipur as a chemical engineer. He got placed in Vedanta Resources with a salary package of around 8 LPA.
Here are some pros and cons about choosing the institute which may help you.
Pros:
Cons:
Since your rank is 50000, it is doubtful whether you will have better choices to opt for. It is always better to go for a government college than a private college even if you go for a branch other than CS or IT.
If chemical engineering interests you, you will enjoy it in NIT Raipur but if you wish to go for some other branch, you can drop a year and reappear for the entrance exam.