I’m getting admission in NMIMS Mumbai for an MBA. Should I do an MIM/master’s or science in management from a decent university in Canada/Australia/the UK?

You can do two things: 

1. Get into NMIMS Mumbai for an MBA, MIM, or MS from a good university abroad.
2. There are many things you should think about and answer for yourself:

If I want to live and work in India or somewhere else.

You won't be able to get an internship abroad from NMIMS because there are roles/jobs available. So, if you want to work outside of India, you should get either a MIM or an MS. In that country, it's easy to get a job.

Suppose you get a job in X County. There is a good chance that everyday costs will be higher than in India. The best part is that after you get some training, you can go back to India whenever you want. People who work outside of India have a global view because they work in different places and meet people from different countries and with different values. This means that you will also bring your new way of thinking to the company you will be joining in India. You can help businesses that want to grow internationally or get to know their customers from other countries.

How much of the risk are you ready to take?

The cost of an MBA at NMIMS would be between 25 and 27 lakhs. And the interest rate on school loans in India is between 8 and 10% right now. And the average deal is around 24 lakhs, which means you can easily pay off the loan in 3–4 years.

For MS, you would need at least 45 lakhs plus some extra money for other things that could go wrong. Placements will depend on where you go to college, so you should look into that. Then you can see with your own eyes how many years it will take to pay back the loan.