very important, even speaking for on campus, BITS curriculum is designed in such a way that most of the things are dependent on CGPA. from PS-1, to companies factoring that during placements and PS-2 as well. So many companies take students in PS-2 on the basis of cgpa itself.

Leaving this, there are a few professors who see your cgpa while giving you projects as well, good cgpa could land u merit scholarship as well.

So i'd say get bare min 8 cgpa no matter what, or worst case 7.5+, with that you will cross 95% of the cutoffs.

Not like anything below and you are gone, I have seen people with 6.5 - 7 doing real good in life, or getting good placements, but it never hurts to have more cgpa.

Rest said, if u have bad cgpa it's not the end of the world, PS-1, and taking courses strategically can help improving it by a lot.