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CGPA matters without rationale.
But if you want absolutely no ifs and buts about it, a comfortable spot is above 7.5 (8 is arbitrary). And yes, gaining a +/- 1 CGPA score in the next 2-3 years can happen. Happened with me.
Yes, its possible to get 8+GPA or CGPA. But you really need to work hard, since your first GPA itself is in the 6s. My own CGPA is now 8 after 6th sem, that too only because I got a 7 in 2nd sem. You need to get at least an 8 (minimum) for the next 2-3 years continously to ensure that your CGPA touches 8. For that, it is critical to ensure that you get a minimum of As in your externals, as they are much easier to get since there is a pattern of PYQs being repeated, so you'll have an idea as to what to study for. If you start studying even lets say 1 month before the start of your exams, you would be able to pull that off. As for internals, one set would be a written test (try to score well in that) and the other is usually a research paper. The latter may not always ensure that you get good grades, but the former would, if you have studied well and if you know how to write answers.
Coming to whether a 8 CGPA matters or not, well it depends on what you want to do and how well connected your parents/relatives are. If your parents are in the profession/know someone well in the profession, which can ensure that you get a job/place where you want (be it corporate/companies/chambers), you need not worry so much. However, it does not hurt to maintain a good CGPA - it can help you sit for placements/internships, it is one of the most important if not the criteria for placements/what firms look at, and also helps in your applications for Masters abroad. If your parents are not so well connected, well then- you should start working hard.
I don't want to boast or give you the wrong picture or anything, but you need not study 2 months prior to for getting a 8+ GPA. I know people who studied the night before and have gotten Os in their final grades and got 8+GPA. However, that is too risky. Make sure you study well about 1 month in advance, know what to study, where to study from, and how to write answers. All the best!
Hard work and grit, with a mix of luck can take you to places you didn't think were achievable. I know so many 7.5ers from so many different batches who got placed in Tier-1s. Don't keep your knowledge shallow, get good publications, intern extra hard, you'll be recognized and picked up by a partner in your final year. Don't overthink it, maintain a balance when it comes to partying and studying. You'll be fine kiddo.
However, if that’s not the case, then you gotta pull up your socks properly. I won’t say it’s easy to cross 8 by the end of 3rd year (considering the number of credits), more so if you’re involved in the committee and the fest BS. If you’re hell bent on pulling up your scores, stay low and focus on your internals, start a 2-3 days prior to the deadline and you’ll be good to go. If you stick to this, you should be touching 8 or crossing 8 by the end of 4th year, depending upon your GPA in the previous ones.
Personally, my CGPA was towards the lower end of 7 and by the time I graduated (not considering 5th year scores), I was in the 8+ bracket.
All the best.
~Bo24