Are the new IIM's good enough to compete with the older ones? Are they better than XLRI or FMS?

The new IIMs still have a long way to go and it will take several years for them to reach the level of top B-Schools like XLRI and FMS. It would take them a long way to reach there. It’s only after joining a B-School, that you realize a B-School is as good as its alumni. Top B-Schools have a large alumni base occupying executive positions in top MNCs. This in turn improves the brand value of these institutes.

Additionally, there are several companies that visit only the top 4-6 B-schools for summer and finals. Once you conduct in-depth research you will realize how many CHROs & CEOs are from XL and FMS. New IIMs would have to struggle hard to reach that level. Companies have a fixed pattern for recruitment for summers and finals. They stick to the same pattern and thus visit the same institutes every year. This is exactly why companies go through the immense struggle of visiting a remotely located institute like XLRI because they are sure of its worth and credibility. 

It is not appropriate to make a comparison between FMS or XLRI and new IIMs. Both institutes were established in the same year and earned a huge amount of respect over many years.

They offer high-class education along with placements to the students with top-level recruiters every year. They have built a strong academic set and faced many challenges as that of old IIMs to set up their reputation and attractiveness among students.

Since FMS and XLRI were established many years before than new IIMs, so they have a strong alumni base that provides an edge for the students.

Both institutes have earned name and fame over years and ranked among the top five B-Schools in India. Also for many years, they are producing high-class entrepreneurs or business management students with their recruitment in world-class multi-national companies.