Ans
DMS and IIM Shillong are nowhere near the level of IIFT, Delhi. A more accurate comparison for IIFT would be with MDI, SP Jain, or IMT.
IIM Shillong will be more valuable only to those who are oblivious to the IIM label. The college's remote location and unusual selection criteria are significant impediments to its growth. DMS, on the other hand, has an advantage due to the fees, but it is still not in the same league. A more level playing field would be with SJMSOM and IIT Bombay.
So, if you want the IIM tag, go with IIM Shillong, but keep in mind that with new IIMs opening every year, that tag is becoming diluted, and go with DMS only if fees are a major criterion. Just in terms of brand value, IIFT is far superior to either of them, with its 50-year heritage, strong alumni, central location, and strong differentiation.