Please tell this to our ministers. Naming something as NIT does not make it equal to other NITs. We have an acute problem of faculty shortage in already existing IITs and NITs. I can't imagine the newer IITs or NITs getting very good faculty, just because it is much easier to work in a well established place than a new place. Reputation of the college also plays a big role in getting good faculty.
I am sorry for your trouble, but this problem is only going get bigger with new IITs and IIMs the present government is planning to start. Why don't they understand this simple fact? Calling something IIT does not make it an IIT (in a real sense). We need to get good faculty.
Try for off-campus placements. Good luck with your job-search.