Can any one enlighten me regarding the MS(by research) program at IIT Kharagpur?

While many confuse MTech and MS as similar, both programs have extremely different perspectives. Hence their worth and demand cannot be rightly compared. 

The two major points of difference are that

• MTech has a fixed duration of 2 years whereas MS has no fixed duration and is completed whenever your professor decides.
• MTech is a good option for those looking for high packages whereas MS is for the ones passionate about research.

MS is usually completed once all your research work comes to an end in addition to the first year's coursework. Most people opt for PhDs from top foreign universities. Admission to such universities becomes easy if you have some valuable publications under your name. 

Job prospects: Once you have completed your Ph.D. from a reputed university, you can enter teaching professors in top universities. Another option is the R and D section of some elite companies of the world. So we can safely conclude that both MTech and MS have their own individual benefits.