Ask & Answer: India's Largest Education Community

Firstly, I would like to clear the difference between getting an MBA and a PGDM degree. Colleges like Christ provide a MBA, while IFIM provides a PGDM degree and therefore they cannot be compared. Im a current student of IFIM Bangalore and I can tell you that it is a top B-school with unique curriculum and features that makes it stand out like personality enhancement programme, corporate mentorship, design thinking etc. It is the only Business School to offer an internationally acclaimed bespoke curriculum model which provides a tailor-made learning path for each student. My school is also AACSB accredited, which only 6 schools have in India. I hope this post gives you more clarity while making your decisions.

All Indian colleges are excellent for learning economics. But ISBF is one of the selected few Affiliate Centres of the University of London International Programmes worldwide with academic direction from London School of Economics & Political Science (LSE).
The faculty at LSE formulates the syllabus, develops the study material, sets examination papers and marks the scripts of ISBF students.
ISBF gives students the opportunity to explore the curriculum and access the study material and virtual learning resources developed by the faculty at the London School of Economics and Political Science in the United Kingdom.
For more detail visit: http://www.isbf.edu.in

Of course. Bachelor of arts is an undergraduate course that students of any stream can go for. Understandably, it might be a challenge for the first year as you will not have learned the basic concepts, but no worries. Psychology is a subject that if you are interested genuinely in, you can surely catch up. Plus, reading your friends' 11/12th standard books might help (if you have the time for that, that is).
Best college/university would depend on where you stay, where you are prepared to move, and, of course, your 10/11/12th standard scores. It is best if you research online depending upon your choice of location and subject choices etc.
Earning in lacs, well, not immediately, of course. The most lucrative (since you ask about being able to earn in lacs) field in psychology would be psychiatry, but since you haven't taken biology and I assume you don't want to go into medicine, I won't dwell on that. Other lucrative psychology fields are clinical psychology, sports psychology, forensic psychology, student counseling, industrial-organisational psychology, and neuropsychology. All these are quite lucrative as you climb up the ladder which will happen with time, patience and hard-work.
It also depends upon where you are employed, whether you have a private practice or if you are affiliated to a hospital. On an average, psychologists who work in private institutions are paid higher than those who work in government-run institutions.
For knowledge sake, the least lucrative fields of psychology are social work, rehabilitation counseling, and child care work.