Hi Deepak,
Wishing you all the very best in your career as a FLYBOY!!
Ok now to your questions:
Well first and foremost, you can never expect anyone to give you an answer to this question
"Now I am not able to make out where exactly to go. Please help me with this" 
When i come across professional pilots and veterans they will surely not appreciate this either
"I got to know that JAA licence exams are very tough as compared to FAA Licence exam in US. Is this the case?"
Since when was being a pilot a cakewalk......? Not to discourage you, but the fact is that even i could not go beyond the first round in SIA cadet pilot selections. Since then i have taken up improving my all round personality. Studies is not just ENOUGH!!
I was employed with one of airlines in african region (as an IT professional) and met TONY (Chief Pilot of the airline). He is from South Africa and told me one simple thing "To be a pilot you need to have a good eye sight, a strong heart (will power) and you got to be breathing."
Well well well........so making it simpler for you:
If you think you can spend more time with your training and some more USD $$ then my friend consider the following training institutes:
43 Air School (My personal preference), Lanceria --> South Africa
PAN AM --> US
Many more......(Search this forumn)
Many pilot factories are also open to suck up your money and time......
Also kindly be aware that currently there are many many students who are not able to even get an interview with the airlines in India. So kindly have a backup plan in case you are going for a bank loan.
Im also going to start very soon.......keeping my IT job in hand
Im looking at a 2 year horizon........
Let me know if you need some specific information.