Most of the answers for this question are from agents and people who are promoting their own uni/businesses!
I'll focus on countries, where you needn't write the FMGE exam on coming back to India.
So, if you intend on doing your MBBS outside of India , and don't want to write the stupid FMGE exams, your preference should be as follows :
UK - They have private universities with no cap on International students. This would mean, as long as you're willing to pay, they can take whatever number of students they want! The fees is extraordinarily high, almost 2 - 2.5 CR for the entire course including your living expenses. The silver lining being, you'll get world class training, unmatched by any other country. You can easily continue and enter specialist training, which will start paying you from Day 1! The course has direct recognition in India.
Malaysia - International Medical School in Malaysia offers MBBS course which is recognised without any further exams in First world countries like UK and Ireland. The fees is a tad bit lesser than UK, but the admission process is a lot more difficult. Upon graduating, you can move to UK/Ireland/Australia and do you PG from there, which is recognised in India without the need for any exam.
Kavyansh Bhan, Senior Clinical Fellow (Trauma & Orthopaedics) at NHS England