Are the new IIM's good enough to compete with the older ones? Are they better than XLRI or FMS?

It is not appropriate to make a comparison between FMS or XLRI and new IIMs. Both institutes were established in the same year and earned a huge amount of respect over many years.

They offer high-class education along with placements to the students with top-level recruiters every year. They have built a strong academic set and faced many challenges as that of old IIMs to set up their reputation and attractiveness among students.

Since FMS and XLRI were established many years before than new IIMs, so they have a strong alumni base that provides an edge for the students.

Both institutes have earned name and fame over years and ranked among the top five B-Schools in India. Also for many years, they are producing high-class entrepreneurs or business management students with their recruitment in world-class multi-national companies.