An MBA: Masters in Business Administration. Generally 2 years long and quite expensive. Clearing this is supposed to grant you easy entry to the world of the highflying executive and suitably line your pockets. Very competitive. Usually requires genius level scores in tests called GMAT, CAT, MAT, XAT, SNAP, CRAP etc.
A Masters: Can be in anything! For the sake of money, consider Masters in Management. Half the cost, duration, future salary of an MBA. Generally has no truck with prospective inlaws (Ye engineering ka hai? someone i know got asked). Quite competitive. May or may not require genius level scores in aforementioned tests.
Groundwork laid, what should one prefer? Apparently MIM has lesser opportunity cost whereas MBA has greater monetary value. Eitherways, i will be heading for GMAT prep pretty soon so in the forthcoming months this dilemma shall hopefully be solved.