What should I do after my B.E. (IT) degree? Should I go for an MS in the US or should I stay in India and do an MBA from some mediocre B-school while aiming for the IIMs?

I personally feel doing MS is just for fun and enjoyment. Assuming you are not coming from a rich family, do not waste money earned by your parents. If you really want to pursue knowledge and earn a good job with handsome pay u need not go elsewhere. Just back yourself up, do some R&D on latest technologies which have good demand in market(Virtualization, Cloud Implementations, Software defined Networking..). go get some knowledge from any of institutes. u will definetly crack one! Identify your interest and then it will only lead u to path!

It sounds like any normal confused college student. One piece of advice, don't join the rat race. Study hard -> Get a Job -> Identify your interest + Have a bank balance -> Think what you want to do now -> Go Ahead Unless you are a girl who is going to get married off by 23, you can certainly take this approach! If you are a girl who who is going to get married off by 23, then this approach will buy you time!

I appreciate the concern person has for his/her future basically for the reason I was happy go lucky person with the job in hand in campus dreaming about golden days I'd be spending in the company. But let me tell you fact that no Indian IT MNC has a proper engineering work to do and if they have it it's very less and you're  lucky enough you may get it but the opportunity is seldom. Now if you're really keen to go for higher studies appear for GATE whose syllabus barely covers the technical topics you study from S.E. to B.E. I've an example wherein person has secured an admission to IIT even while working. So with this higher studies outside india is not the only option left to you. If you feel that there is no way you can secure admission in IITs or some top education firm do a job in MNC where in in no time you'll get a clear picture of what IT industry in India really does and you'd yourself go on for future studies. Now question still remains is if MS or MBA? Answer is what you're interested in  technology or Business. Again in India or outside India? I feel deeply sorry when I say this but indian education system is far away from education systems abroad in countries like US, UK etc. not only in terms of basic education but also university education except for IITs and other top institutes. So moving out is very good choice if you're well off. If not you can look out for an opportunity by sponsorship, scholarship programs, part time jobs while staying abroad. But frankly enough the decision is in your hands so please calm up your mind and take the decision. Also bit of a personal advise, it's good to think a lot but when your thinking starts confusing you and instead of showing you hopes better to stop it there itself and ask for suggestion to someone who you really feel can solve your question:D. Be happy , life is like a ocean, as much as you explore you find new wealth ahead.

Do you constantly feel the urge to learn something new,try something new?Are you a good coder?Have you made any projects yet?Do you have any research papers at an undergrad level? If the answer to ALL /most of these questions is YES...then MS is made for you...Practice on your English,crack the GREs and get admitted to a good college abroad.I have many friends abroad who tell me that many colleges don't charge any fees for students who are willing to do an MS + PhD...who knows if you are good you might be a stipend or something just to study and after your PhD from abroad you can imagine yourself swimming in a pool of money!(No joke)   If the answer to most of the above questions were NO....then surely go for MBA,do a year of CAT prep and enter the corporate world. In CAT they do not look for work experience as much as they do in GMAT so no  job experience should not hinder your chances too much if you have a decent score in these exams Hope my answer helped...and thanks for the A2A

go for bit mesra without any second thought. trust me you wont regret it. but JU is also good and bit mesra better.