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Concepts, yes. ... Languages come and go, concepts stay.
Concepts are good, but the language counts as much, if not more, toward getting that first job. Companies don't want to hire someone who will need a significant amount of time to climb the learning curve before contributing to the company. Especially if that new hire hasn't already demonstrated that they will even be able to teach themselves new things such as languages.
Raghuveer D wrote:
I strongly believe that he/she cannot master 2-3 core languages.
I'm not sure I accept this. Anyone who has done real world projects with a language that are larger than toy scope, will have a lot more mastery than someone who has only taken classes. As a college student, if you spent all your free time doing such real world projects in different languages, then it is possible to have significant mastery of multiple languages. It might not provide as deep of mastery as doing all the projects in a single language, but certainly mastery enough to be able to start immediately contributing to a new employeer.