Whether to do MBA or not entirely depends on you, if you're inclined towards management. If you're only technically inclined -- then it might make sense to go for SCEA or similar.
But a practical suggestion after working in Indian Software industry for 9 years -- whatever you do, please do it with a job. Indian employers/HR are highly prejudiced guys -- they do not take break in career lightly, especially if you are a man.
take a job as PM/PL/TL and you can do part time MBA fro premier institutes such as Symbiosis, Welingkar, Jamanalal Bajaj or one closer to your place. Or do SCEA or something similar if you want to stay in technical line.