Is doing LIVE projects during MBA useful? Can you explain that how can they be beneficial?

Yes, they are very helpful as they give you corporate exposure. This will be an added advantage in comparison to a fresher. It is equally good in cashing out your networks later for the placement and job switch.

Dear Satyajit Dev Sharma, Doing live MBA projects provide placements there itself sometimes, second you will get real time experience and third that will be helpful for you in getting good placements. All the best.