Ask & Answer: India's Largest Education Community

Top notch colleges for aeronautical engineering are:
The best colleges are:
Jawaharlal Nehru Centre for Advanced Scientific Research (JNCASR), Bangalore
International Institute of Aerospace Engineering & Management (IIAEM-Jain University), Bangalore
Indian Institute of Science (IISc), Bangalore
Indian Institute of Technology, Bombay IIT Mumbai
Lovely Professional University, (LPU) Punjab
Indian Institute of Technology, Kanpur IIT Kanpur
Indian Institute of Technology, Madras IIT Chennai
Indian Institute of Space Science and Technology, Thiruvananthapuram IIST Thiruvananthapuram
Indian Institute of Technology, Kharagpur IIT Kharagpur
Indian Institute of Engineering Science and Technology, Shibpur (IIEST-S), Howrah
Madras Institute of Technology, Anna University, Chennai
Birla Institute of Technology, Mesra, Ranchi
Defence Institute of Advanced Technology (DIAT/IAT), Pune.

Indigo Airlines and Jet Airways both are two domestic airlines offering cadet pilot programmes. It commences from ab-initio and culminates at CPL and finally job with them. They do have job guarantee. But the training cost is much higher as compared to outside in the market.
For Jet Airways:
https://www.cae.com/civil-aviation/aviation-professionals/become-a-pilot/full-time-training/jet-airways-cadet-pilot-programme/
For Indigo International Pathway:
https://www.cae.com/civil-aviation/aviation-professionals/become-a-pilot/full-time-training/indigo-cadet-pilot-programme-international-pathway
For Indigo Domestic Pathway:
https://www.cae.com/civil-aviation/aviation-professionals/become-a-pilot/full-time-training/indigo-cadet-pilot-programme-domestic-pathway

To become a commercial pilot, there is a specific eligibility criteria which you should first be aware of. This is decided on what subjects have you taken in class 12th. It requires PCM to be a pilot. And, even if you have not opted for the same, then you can appear separately for these subjects and become eligible.Further, you should be aware that you are medically fit to be a pilot, so I would suggest you to visit http://www.dgca.nic.in/medical/medical-ind.htm and go to the class 2nd examiners tab to find out doctors who will examine you for initial fitness. You can visit any doctorate from the list as per your convenience. Once you are done with Class 2nd medical, find out a suitable flying club for you as per your convenience. You can fly in India or abroad. I would suggest you fly in India. Besides finding the club, be aware that you will have to appear for:
1. Air Navigation
2. Aviation Meteorology
3. Air Regulations
4. Aviation Technical
5. Aircraft Specific
6. Radio Telephony
Here, 1-5 are conducted by DGCA and 6 is conducted by WPC. Prepare for these subjects and appear, as exams are conducted every quarterly. For preparation, flying club will help you or there are private instructors available in metro cities as well. You will fly for 200Hrs + Clear DGCA and WPC exams + Clear Class 1st medical, then you shall get your CPL. The next license is ATPL, which you shall be able to apply for once. You will then have to probably fund or self-sponsor your type rating on whatever fleet you are selected in an airline. Then, you finally get a job as a pilot. I hope the process is well explained to you. CPL is an expensive affair. It might cost you around Rs.18-20 Lacs for flying + DGCA exams Rs.500/- each exam + Medicals for Rs.10,000 + endorsements and license issue fees around Rs.25k + Type Rating around Rs.15 Lacs. So, decide wisely before you enter the field.