Pilot

The following medical tests are conducted for a Class 1 medical certificate:
Family health history: The doctor will ask you questions about illnesses that run in your family. It is important for them to know about this because some diseases like diabetes run in a family.
Hearing test: Your ears will be tested in various ways. You must identify the intensity and direction of sound accurately.
Eye sight test: Many people are worried about this because they wear glasses, well there is nothing to worry, you are allowed to wear them. Your vision must be 6/6 in the test with corrections if necessary i.e. without glasses if you claim to have a perfect eye sight and with glasses if you need them. Severe colour blind people are generally rejected. Blood and urine test. Blood pressure and ECG test. Organ test: Organs like lungs, stomach, etc. are tested to see if they are normal.
Limb test: Limbs are tested to check for deformity and strength. A person with very weak limbs (below normal) will be rejected.
Nervous system test: Basically these are the only tests a pilot has to face. Many people have a misconception about it, when they hear it is tough and they think physical examination involves things like running a marathon or so. These mistakes make me laugh. You are here for an examination, not military selection, don't confuse the word physical examination with physical training. Any average person could clear a Class 1 medical.
Class 1 and 2 medical examinations in India are practically the same:
ECG
X-ray
Ultrasound
Audiometry
Blood Test and Urine Test
Blood Pressure
BMI check
Eye Test
These are the common test in both of Class 1 and 2
In class 1 there was one additional test in which you may be asked to take of your clothes (including underwear) and your genitals will be checked. You may be told to turn my head left and cough while being without clothes. Basically, class 2 medical test is just a practice for class 1 medical test. Don't worry too much, if you passed your class 2 medical you will pass class 2 as well.
Just mind that it does take 2 days for class 1 to get over while class 2 is done in one day. Certificate of being Fit/Temp fit/Unfit is given on the 2nd day itself. If in case any abnormality is found, some recommendations might be issued. After proper care and recovery you may get the medical test done again.

Hi,
Eligibility
Qualification: 12th
Mandatory Subjects : Physics, Mathematics
Additional Details: Candidate must also have passed the medical examination (Class I or II) from a DGCA approved medical center and have adequate competency in the English language. Candidates appear in final examination are also eligible to apply on provisional basis.
APFT Entrance Test--
Age: Minimum 17 years
Admission Process
Register and Apply
Interested candidates can apply offline with the required information.
Entrance Test
Eligible candidates need to appear for the APFT Entrance Test conducted by the institute.
Personal Interview
Shortlisted candidates will be called for Personal Interview based on the score in APFT Entrance Test.
Medical Examination
Eligible candidates need to appear for the Medical Examination (Class I or II) from a DGCA approved medical Centre.
Final Selection
Candidates are selected based on marks in 10+2, APFT Entrance Test and performance in Personal Interview.
https://www.shiksha.com/aviation/flying-pilot-training/course/commercial-pilot-licence-asia-pacific-flight-training-academy-shamshabad-hyderabad-194328

Engineering and CPL are two different streams altogether. There's no relation and it hardly matters if you are an engineer or any graduate, because the minimum requirement to become a commercial pilot is 10+2 (PCM). I would suggest you to choose your direction by your interest. Pilots and Engineers both hold responsible positions in the smooth functioning of the society. Since you have a budget of 50-60 Lacs, you can pursue CPL also which is otherwise an expensive affair when compared to Engineering. Your budget should allow you to join any cadet pilot programme offered by Jet Airways & Indigo Airlines. Apart from them IGRUA and NFTI are two premier Institutes in India for CPL Training. There are other institutes also who offer this training some are owned by state government and some others belong to private players. It is a matter of convenience and affordability for you to choose among them.