Go for M.Tech (Old IITs) :
Job: If you want to work in India, usually the placements are good.
PhD: get good recommendations/grades/publications and you can make it to a top notch PhD anywhere in the world
Go for MS (Abroad) if :
You want to eventually settle abroad
You get into top notch colleges (Tier 1 : MIT, Caltech, GaTech, UCB, Zurich etc.)
You are interested in research
You get a scholarship covering significant costs of your degree