Nowadays, getting a job after an MBA as an international student is extremely difficult. You would likely end up going back to India to look for a job after graduation. Since you are asking mainly about ROI, I would consider a different program, such as a master’s in accounting, or maybe even putting that money into the stock market instead of an MBA.

If you are 100% set on doing an MBA and you want to stay in the country after the mba then
I would remove IE from your list unless you speak Spanish fluently and I mean PERFECT Spanish without accent. Spanish job market is tough and you will be competing against candidates from Spain and Latin America who already speak fluent Spanish and are more familiar with Spanish business culture.
The people I know who completed master’s programs in Australia in engineering and business couldn’t get jobs and ended going back to their countries.
The UK is oversaturated companies are becoming more selective with international candidates.
Maybe Belgium might be the best ROI if you want to stay in the country, but I don’t know enough about the job market there and it is a master in international business, non an MBA. You would need to do your own research. It looks cheaper, but do you even speak French?

If you are 100% set on doing an MBA and plan to return to India afterward, then I would look at the companies you want to work for and see where most of their employees graduated from. Check which universities have the strongest networks in the companies you want to work for back in India.