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Booth>Yale>IIM A.
Also, M7>T15>Top European MBA>IIM ABC> Other Tier 1 B Schools in India.
This is a no brainer. What you choose depends on what you can afford... A Ferrari is better than a BMW, it's a fact but what can you afford?
In all the top US B Schools Scholarships and Fellowships are generous( 30-90% of the class). So if you have scholarship anywhere north of 50% simply go, get a part time job, do whatever you want but go.
If you get a scholarship below 50% go but be aware that to repay such loans you have to work in top cities of the world for 5yrs atleast.
The diversity in top us b schools is excellent. You will come across a few ex MBB Engagement Managers, Ex IB VPs etc.
Coming back to India, even an IIM recruiter will prefer a top foreign MBA over an Indian MBA keeping all other things like performance and skills equal.
This is because MBA is pursued for a brand and not for skill, for skills you have zillions of rigorous in depth professional programmes. And there won't be a reason why one MBA guy would be preferred over another, if it was not for a brand.
Ask yourself the following questions:- Why do IIM ABC students compete like barbarians to get a simple student exchange? Why do IIM ABC grads pursue a 2nd MBA abroad after 5 plus yrs or work experience? Why do top Indian B Schools prefer foreign educated faculty?
No ifs and buts we are still in colonial hangover.
An IIM MBA is not even an MBA in India and abroad. It is more of a PGP or MiM.
Top executives abroad itself ,are critical about Indian MBAs.
Getting into a top B School in India is more of a gamble.
That being said you won't find New York level compensations in Gurgaon.
Your progress depends more on your performance.
But a foreign MBA offers more prestige and options.
What if you get a partial ride with fellowship in M7>T15>Europe MBAs. These days these types of fellowships are not uncommon as I mentioned earlier. It just depends on your affordability.
And even if you don't get a scholarship working abroad(in top cities in the west) for 5yrs isn't a bad option, but it is not for everyone.
It would also be worth factoring non financial aspects like staying away from family, working in a new culture, adjusting in a new environment also.
Let's take an example, there is one Private Equity opening in Mumbai 2 candidates with identical soft and hard skills. One is from Booth other is from IIM A. Booth MBA is the clear win. There would be 50 other IIM A candidates the firm would have encountered, but a Booth Candidate clearly sets himself apart from all other candidates.
Talking about Indian Big Shots being from IIM A it's mainly because those Indians who go abroad for a top MBA stay abroad and become biggies abroad in global HQs and he will be superior to the Indian IIM Biggies [lots of famous cases]. (99% of the time). Not that a top foreign MBA can't become a biggie in India, for all you know he will become a biggie faster.
But if you are a person short of funds, if you don't have any goals of immediately working abroad for next 5+yrs simply stick to an Indian B School.
Today many senior professionals I spoke with consider an Indian MBA( which is not an MBA in most of the cases) as an Insult even though they get high salaries. Mostly youngsters fresh out of Grad school with negligible experience and skills get into to IIM ABC after a CAT lottery.
What I want to say is Global can any day become local, but a local can't be global anyday. ( deliberately wrote it wrong grammatically).
Ask yourself a few more questions where would a top millionaire, billionaire, industrialist or a top corporate tycoon send his children for an MBA? Even though his company including senior management will be filled with IIM grads.
Why did Indira Nooyi pick Yale? Why is she critical about Indian B Schools?
No offense to IIMs, they have the geographic advantage. But the world is much bigger than IIM ABC. There are much better options.
There are much better work locations apart from Mumbai Bangalore and Gurgaon.
Also when I said that an IIM A should do fine, it was purely out of financial concerns. I'm not actually comparing M7 with Indian B Schools. Also the main question I don't think is answered here is:
Is OP doing an MBA purely for the money bracket, and if yes, a money bracket with respect to where? From my understanding, if OP intended to settle outside India, the choices would have become way easier. While it is true that global has the potential to become local any day, it is also true that the packages that are bagged by IIM ABC grads are mostly top-notch with very little wiggle room (pardon me if there are instances that prove otherwise. Not aware of the same). In this light, IIM A just makes more sense economically.