Hi Ravi,
First off, I'm afraid I have no first hand experience of doing an MBA in India, so I hesitate to recommend one or another. There are, however, a number of India-based posters on the board who are better qualified to make such judgments. I suggest you track them down and ask them directly; I'll sure they'll be glad to help, especially if you narrow your enquiry down to particular places.
Obviously there are a few key things you want to look out for in forming a view on any particular school or course. Accreditation is a big one - see my response to Sarah_A and the entry which follows it on the discussion board for a brief overview. Similarly, there's no point doing a course which is either too general or too specific re. what you want to be doing at the end of it. It's always worth spending some time looking at the alumni section of a school's website - both to see what graduates are up to and to get a feel for how actively engaged a place is with its alumni community and vice versa. As I'm sure you already know, regardless of what degree one does or where one does it, having contacts in an industry after graduation can be hugely advantageous. Location is another factor, but you'll know better than anyone what will work for you and what won't - as is the cost. In the latter case, most people are of the view that MBAs are themselves an investment in one's future. How much one is prepared to pay depends on a) one's means, and b) what use one can put it to afterwards and what financial gains one will make as a result of doing it which would otherwise be unlikey. These can be measured (perhaps), against loss of earnings during your period of study.
So....Identify what exactly you want to study and what you can realistically expect to result from doing so, have a look at the listings find-mba.com has, talk to the people on here who appear to be in the know, and I'm sure you'll be able to narrow it down. And of course you can always drop me a line if you need to.
