I have been in this company as a trainee software developer for like a month now. I am on probation period for training. The coworker join in the company on the same date and he is from the same university but from a different department(Computer Department) and I am from Electronics and Communication. We are working as a software developer on C#. The thing is I finish my assigned task at a given time with very good effort and the other co-worker takes more to finish his and still has lots of bugs in his code even if he has easier tasks. Sometimes I have to help him out to make the application up and running. 

Our manager has good relation with me. He told me a few days ago that our IT executive only wants one developer and they are planning to choose another co-worker even if he doesn't know much about coding and development. I still am fresher so when my probation period gets finished I will be getting kicked out. Every IT senior developers in the company now know about this thing. They even told me that "you are good in your that you are doing keep it up."

what should I do should I talk about this situation to the IT executive. Should I start looking for another job and leave? and also I like this company so much because everyone pays respect and it has a very much good working environment.

and also I am from India.