I think Great Lakes is a better option than IIM Amritsar. The following points support my opinion

• Establishment: IIM Amritsar is a baby IIM established in 2015 and has yet to make its mark in the industry. Great Lakes is a relatively old college with a better campus and curriculum.
• Faculty: The faculty at Great Lamar’s is more stable and varied while the faculty at IIM Amritsar comprises mostly visiting faculty.
• Brand Name: Despite being an IIM, IIM Amritsar lacks credibility while Great Lakes enjoys a great brand name.
• Industry exposure: Despite being an IIM, IIM Amritsar lacks the necessary industry exposure which is great in the part of the Great Lakes.
• Placements: The placement scenario at Great Lakes is much better than that of Amritsar. So if your ultimate goal is to get a high-paying job, Great Lakes should be your choice.

Although my opinion is strongly against IIM Amritsar, it’s only because it’s a new IIM. Any older IIM is a better choice than IIT. MBA is all about investment and ROI which is great in the case of older IIMs. I have still seen many people choose Amritsar over IIT just because of the IIM tag. So do what your heart says.