Offer downgraded, Need advise

I gave interview for SDE2 L5 (India) and everything went really well, but the hiring manager said looking at the past experience I don’t have enough exposure to work at Amazon scale therefore not offering me SDE2. But the recruiter also said that they found me to be a strong potential and that they don’t have SDE1 roles to fill but can offer an SDE1 Contractual based for 1 year with full time conversion chance post 1 year. And only then will I be allotted joining plus RSUs. If I select this, then I’ll only get base pay which is around 24LPA and nothing else.

YOE- 3 Current CTC - 13.5LPA Current company- Service based (toxic)

No other offer in hand. Looking at every aspect career wise. What should I do? Please advise.