Neccesity of Communication Skill

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Do not look at communication skills as something which is reqired to get a good placement.
Good communication skill is necessary in your everyday life as well. If you cannot channel your thoughts into proper sentences, even your friends will not understand you.

When you join some company, you will have to present your ideas and opinions in front of you colleagues or boss or even clients. If you cannot communicate properly, even a brilliant idea will be rejected.

English has been chosen as the official language for communication in corporate environments since most are MNC's. People of most countries understand English and so it is convenient for everyone.

So you definitely have to have a good command over the English language. Good command does not mean speaking in flowery language and using words which no one has even heard. You are not a literature student. The only requirement for engineers is communicating ideas in a clear and precise manner. No beating around the bush. To the point answers are expected.

Read english newspapers everyday. Converse in English with your friends and family. Listen to English News. This will help in improving both your GK and communication.
And if you have some free time, read a few English novels as well. You don't have to go for classics. Any standard novel, even the books written by Chetan Bhagat/Amish/Dan Brown would do.

Communication Skill shouldn't be confused with fluency in English only. Fluency and ability to communicate well in English is just a small part of communication skills.

The language of corporate communication in India, unfortunately, is English. So it's expected that every professional is able to speak in English and fluency, pronunciation may vary. There's nothing to be worried about your accent - just be yourself and communicate well.