Hi Vishakha
Most of the Biotechnology students are facing the same problem today. Everyone says no new area of science and technology holds greater promise than Biotechnology. It is true, but only for minority of students who are either very good or excellent in academics. Those students are mostly employed in R & D of biotech firms, and are usually from top research institutes. All other students work in areas like quality control, production or in the marketing department of Pharma/Bio-analytical instrument manufacturing company. So if you want to work in R& D department of any good biotech company, at decent position then PhD is strongly recommended and that too from a reputed institute.
In India we have many good institutes for both M.Sc and MBA.
Some of the good M.Sc colleges are:
1. Tata Institute of Fundamental Research
2. Madhurai Kamraj University, Madurai
3. Indian Institute of Science, Bangalore
4. JNU, Delhi
5. NBRC, Gurgaon
6. Indian Institute of Technology
7. AIIMS,Delhi
8. Banaras Hindu University, Varanasi
9. University of Hyderabad
10. PGI, Chandigarh
11. Devi Ahilya University, Indore
12. National Institute of Virology, Pune
Some of the good MBA colleges are:
Indian Institute of Management Ahmedabad
http://www.iimahd.ernet.inIndian Institute of Management Bangalore
http://www.iimb.ernet.in Indian Institute of Management Kolkata
http://www.iimcal.ac.in Indian Institute of Management Kozhikode
http://www.iimk.ac.in Indian Institute of Management Indore
http://www.iimidr.ac.in Indian Institute of Management Lucknow
http://www.iiml.ac.in Xavier Labour Research Institute (XLRI) Jamshedpur
http://www.xlri.edu Xavier Institute of Management Bhubaneshwar
http://www.ximb.ac.in Tata Institute of Social Sciences Mumbai
http://www.tiss.edu Indian School of Business Hyderabad
http://www.isb.eduFaculty of Management Studies, Delhi University New Delhi
http://www.fms.edu Jamnalal Bajaj Institute of Management Studies Mumbai
http://www.jbims.edu Indian Institute of Technology department of Management Studies New Delhi
http://www.iitdmba.orgIndian Institute of Technology - Vinod gupta school of Management Kharagpur
http://www.som.iitkgp.ernet.inSymbiosis Institute of Business Management Pune
http://www.sibm.edu Indian Institute of Foreign Trade New Delhi
http://www.iift.edu So if you have love for the subject than only do M.Sc otherwise goes for MBA, because placement wise MBA is far better than M.Sc.