Is it necessary to pursue engineering or MBBS from a good college in order to get good jobs?

Yes, college matters a lot because in good colleges you have best faculty, good environment and best placement, if you work for that you can get the best college.

I don't think so because college or university only gives you a certificate of passing any program. After graduation, things which matter is what we had done in college days, not in which your talent will become your identity.

The college matters but the main thing which matters is your hard work. If you don't contribute yourself then good college also can't do anything.