What should I do to pursue my MBA in France, Germany, Italy or Iceland?

This would depend a lot on your long term career goals. If you intend to return to India, then France or Germany should be fine. However, if you intend to explore permanent settlement abroad as well, then Canada or Australia is a better option as the government rules are more flexible in terms of wo

Give the entrance exams for colleges abroad i.e. GMAT and GRE. The application form for the above two entrance exams will be out soon, so you can apply for it. After qualifying, you also need to fulfil the eligibility criteria of the respective colleges you want to go to.