Is the college good enough to provide 7 to 8 lakhs salary package as I think my standards are fair enough to achieve it?

Check below the eligibility for taking admission in FPM at Ramaiah Institute of Management:

Master's Degree or equivalent in Engineering and Technology/ Management/ Economics/ Social Sciences/ commerce with First class (60%) Shall Considered for admission to Fellow Program and relaxation of 5% for OB

The Association of Indian Universities (AIU) recognizes the FPM as equivalent to the PhD programme (of a recognised University in India). So, yes FPM at Ramaiah Institute of Management is equivalent to PhD.

Candidates can check below the registration fee of Ramaiah Institute of Management: 

Note: This is taken from official sources. It can change. 

To get a seat at Ramaiah Institute of Management, candidates should have  passed graduation with at least 50% marks (45% in case of SC/ST). They have to appear for entrance exam such as CAT / MAT / XAT / CMAT / GMAT / ATMA. Following this, candidates need to appear for GDPI round. 

Ramaiah Institute of Management PGDM tuition fee costs around INR 3.5 L. This fee is exclusive of other components such as examination fee, application fee, hostel fee, security deposit, etc. This fee is taken from the official website. It is subject to change.