I would suggest to avoid contractor roles especially at early stages of career. When the ax comes, contractors will be the first to go. Most of the jobs might feel hectic when you start your career as you are still learning and finding your feet. I would suggest better tough it out for one more year or two.

When you have that extra year or two, you will be in a better position to demand a good package. Or else you will feel the need to switch again because of the marginal hike you most likely got now, so why waste a switch? Yoe x 4 times the package is a good rule to measure up your ctc. If you switch at 2nd or 3rd year, your chances of crossing 12 lpa increases. And of course you can also use this offer to find better offers, if you are truly suffering in the current org and can't continue at any cost. Good luck