I'm working in a joint venture of Indian government and earning 7 LPA. I'm selected for IIM Kozhikode PGP course (2021-2023) Should I join it?

Whether to join IIM Kozhikode or not is definitely your call because the scenario once you join IIM K would be different.

I would like to share with you an experience of my friend, who attended IIM K. 

• He dropped out of IIMK as he found it stressful. You should know that the course is rigorous and it prepares you for the stress that you are about to deal with.
• Obviously, the chance of you earning a high salary is for sure. But again, it depends on how well the economy is doing.
• Most of the time the employers have a preference order, i.e. IIT>NIT>fresher, for recruitment.
• To ensure good placement opportunities try to be in the top 10% of the class in terms of GPA. Also, you can become a part of organizing events, leading clubs, etc. 
• Since you will have 12 months of experience, you will be treated as a fresher and won’t be allowed to sit in lateral placement. So, OPs companies will be out of the picture which is maybe your interest since you are coming from a similar background. So, if you want an OPs job role, stay in the industry for another year and then join IIM K.
• In order to get a consulting or finance role, you will need to come in the top 10 of your batch. You will also need CFA certification. 
• Marketing and IT companies will prefer you since you are a fresher. So, if you are interested in Marketing or IT, you can definitely join the institute. 
• HR companies don’t usually visit IIM K.

So, I will advise you to consider all these factors and make a more convenient choice for yourself.