Irrespective of the B school you choose between FMS and IIM Calcutta, you will surely have a bright future with many job opportunities. Had I been in your place I would have gone for IIM Calcutta for the following obvious reasons:

• Infrastructure - IIM ABC are well known for state-of-the-art infrastructure and facilities which is lacking in the part of FMS. The quality of college life is a crucial determining factor for any B School. IIM Calcutta offers a holistic B School experience.
• Brand value: Sole of the most eminent personalities like Indra Nooyi and Ramachandra Guha, have graduated from IIM Calcutta improving its overall brand name. This branch-name comes into play while setting up your own business.
• Alumni network: IIM Calcutta gives access to the elaborate IIM Calcutta alumni base. 
• Entrepreneurship: Another major perk of IIM Calcutta is its IIMCIP or innovation park to incubate promising startups. It has produced alumni like Ajit Balakrishnan (founder of Rediff.com) who have started and led successful companies.

FMS too has an elaborate list of successful alumni but IIM Calcutta is clearly a winner here.

For those who claim FMS provides better ROI, I don’t think a 20 Lakh loan might be an obstacle to your entrepreneurial plans. Most education loans have repayment periods of 15+ years and banks waive off interest rates and collateral requirements for IIM students. 

ISB caters to working professionals with more than 2 years of experience. If you do not belong to this category, this institution is not for you. 

Now coming to the other options,

The HR program of XLRI is very old and renowned. Because of it, XLRI receives a slightly higher number of recruiters. This boosts its average package. Its limited batch size also benefits its placements. IIMK, FMS and XLRI receive more or less the same companies. But IIMK and XLRI attract MBB (McKinsey, Bain, BCG) for their front end roles, which IIMI and FMS do not. 

Considering all these factors, XLRI is the best choice, mainly because of its small batch size. It is followed by IIMK and FMS, and IIM Indore comes last.

FMS Delhi is a better choice among these. It is among the top B-Schools in the country and offers excellent ROI. FMS Delhi fees are only 1.92 lakhs. While the average CTC offered by the institute is INR 32.4 LPA. The institute achieved 100% placements this year. 

In terms of placement, ROI, academic, and brand recognition, FMS is better than IIM Udaipur. 

Consider joining FMS if you don’t have an extraordinary academic background. It is a renowned business school with a really good ROI. Moreover, it only expects a good performance in CAT, and does not consider the past academic performance of the candidates. 

Here are some other benefits of joining FMS for your management studies-

1. It is located in the capital, and thus offers a good exposure.
2. As a student of FMS, you’ll get to attend a number of seminars, workshops and events.
3. It has two semesters per year, unlike other business schools that have three. This provides ample time to the students to participate in a number of corporate competitions on national and international level. 
4. It is one of the oldest business schools, and it has a strong alumni network.

All these facts make FMS a really good college for management studies.

You should definitely attend IIM Lucknow rather than FMS Delhi. IIM is a brand, a distinguishing mark that will stay with you for the rest of your life. You never give up the IIM tag for FMS, no matter how much it costs.

The FMS campus has a dingy canteen the size of a bungalow, women dressed in glittery clothing roaming around, and plenty of heat and dust. There are also no hostels. You must take a PG if you go there. Food will be provided by the PG and nearby vendors.

In terms of finances, IIML fees are not comparable to Harvard fees. If you have given money to coaching institutes, you can certainly afford IIML. You may need to take out a loan, but you can certainly afford it.

Anyway, back to culture and way of life. In comparison to FMS, IIMs are king-size. Acres of land, well-kept cultivated greenery, a clean campus, and tasty mess food. Any IIM mess is better than most engineering colleges' mess, and Lucknow's Mess is delicious. The sports complex includes a large swimming pool, Jacuzzi, steam bath, large courts, and other amenities. Every two months, there will be massive student festivals where you can interact with students from other IIMs. You'll get a free membership to a nearby club where you can wine and dine. The student exchange program with Europe at IIM Lucknow is fantastic. You have the opportunity to study alongside international students and make friends from all over the world.

During the IIM Lucknow summer placements for the 2022-24 batch, 570 job offers were made and over 185 recruiters visited the campus. Aside from that, the highest and average stipends offered during summer placements at IIM Lucknow for the 2022-24 batch were INR 3.5 lakh per month and INR 1.41 lakh per month, respectively.

I would strongly assert that FMS is way ahead of XLRI. I have mentioned a few strong points that support my opinion. Before I begin, let me enlighten you on the fact that this answer is based on thorough research and reviews of graduates of respective B Schools.

Fees

• The major USP of FMS is its average fees with the best placements. FMS has an overall fee of around INR 2 lakhs for MBA and gives tough competition to the fees of XLRI which stands at INR 23.60 lakhs. 
• Anyone with common sense would prefer 2 lakhs over 23 Lakhs especially when the ROI is equally good or even better. You can live a stress-free life after your MBA with no burden or repaying a heavy loan.

Industry Acceptance

• Let me clear the very common misconception that IIMs tags are preferred over anything by most companies. Well, FMS graduates have an equal demand and are in no way lower than an IIM graduates.
• XLRI is the best choice when it comes to MBA-HRM. Most companies that offer HR roles prefer XLRI graduates even over IIMs.

Placements

• FMS has made its high ROI known all over the world. It constantly hosts 100% placements. It has distinguished its identity as one of the highest ROI-producing B-schools globally. FMS Delhi's highest package stood at INR 1.23 CPA whereas the average package stood at INR 34.1 LPA and the median package stood at INR 31 LPA. 97% of offers were made above INR 20 LPA. A total of 27% of students were placed in the Consulting Sector and there was a 19% Increase in the number of students placed in the BFSI Sector compared to the last year.
• XLRI placement scenario is outstanding. In its recent placement drive, XLRI recorded 100% Placement with the highest offer at INR 1.1 Crore. It offers a high ROI where the average placement package stands above INR. 24 LPA, while the general cost for its PGDM program is around INR. 11 LPA.

While both excel in placements, it’s the extremely low fees at FMS that make the ROI amazing.

Overall I would say that FMS is a clear winner when compared to XLRI