with due respect to all those averse to Online learning, having myself completed an Online program on Project management from Robert Kennedy College, University of Wales I can say that the benefits of an International and well acclaimed program even if online is 100 times more then a regular program at any college.
Also, One has to understand that the MBA is not a program that will help you only in getting a job today. It is a Tag that stays with you for ever. Its value one will find not only today, but when you are moving from the middle management level to the top management level. At that place, one will look at the pedigree, and that comes only with a well known name behind you.
India becoming an International Business Player will mean that the International credentials will play a more important role in your job prospects sooner then later.
What <link updated to site home> 'mosesdanial' says, I differ. Even in the Gulf, the competition is such that a simple Graduation will not get you a good job, what you will get is only a decent salary, which when converted into Indian Rupees will look good. But this will tend to stagnate and you will soon see your peers moving well ahead of you.