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I recently completed MBA from London, UK and i'm back to INDIA now. I have 12 years of varied work experience. 3 years in technical assistance, BPO, as an entrepreneur for 7 years providing manpower to IT, NON-IT, & ITES. My last job was with a japanese consultancy as a manager for recruitment team, and handling client relations along with business development. Took a break for higher studies and am back now looking for a job.
should i continue as an HR or should i move into business development? which is better on a long run.

Depends up on the opportunities available in the market, grab it. Get into the available area and you can achieve the goal always. Do not sit idle. I have examples that site engineer during construction has become a business development manager, and an HR Manager eventually on a carrier growth has become the Plant Manager. Only believe " I can win and Achieve"
Thank you for your instant reply But, should I put effort in finding a BDM job or should I put effort in hunting a senior HR role Which Among these is a better pick ?
Given a preference, if you are too creative, then opt for Business Development manager. BDM requires lot of creativeness / and lateral thinking . However as suggested earlier, first come, grab it and from there, you should move on your goal as BDM, based on your carrier appraisal. It is possible only on progressive/ professional Management.
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