Yes, students who take the MDI Gurgaon PGP-IM program and go to Europe for an exchange program are offered jobs and internships. There is no major distinction between the jobs offered to MDI students and the jobs offered to ESCP students. But the only discrimination they might come across is the lack of language proficiency which is a major factor for jobs. I have listed down some tips you can adopt to help in this regard

• Master at least one European language to the entrant so that you can demonstrate a smooth flow of conversation with your colleagues. 
• Interact with alumni and professors consistently to let them know of your career prospects and be wary of the opportunities they are offering or suggesting.
• Try to maintain excellent grades throughout your program. This will make your chances of getting a job easier.
• Apply to all companies possible because European countries scrutinize all applications 
• The consultancy projects are a stepping stone to success so make sure you give your level best. These projects are a part of the curriculum and will help you demonstrate your capabilities thereby improving your chances of getting job offers or letters of recommendation through it.

So yes, as an Indian you will face slight disadvantages over the locals at the European university but these challenges can be handled well to make your way.