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Dear Aspirant
I have addressed a similar question earlier also.
Re posting the answer again for your kind information.
Most aspiring managers who want to pursue management studies to give a boost to their careers are very often a confused lot. They want to get the maximum return on their fees and hence do everything it takes to get a degree from one of the renowned B-Schools of the country.
However, one thing that really confuses them is to go for a MBA from a recognised university or PGDM (Post Graduate Diploma in Management)
The basic difference between the two in India-:
1) Only universities can offer MBA: In India only those management institutes which are affiliated to a university can offer an MBA degree. For this reason institutes like Department of Management Sciences (PUMBA), University of Pune, Jamnalal Bajaj Institute of Management Studies or Faculty of Management Studies can offer MBA degree, as they are affiliated with Pune, Mumbai and Delhi University respectively. Also IIMs, though being the best of the lot, can't offer MBAs as they are not affiliated with any university. Institutes which are not affiliated to university are autonomous and can offer PGDM (Post Graduate Diploma in Management) degree. However, some of these programmes are approved by regulatory bodies such as AICTE.
2) Difference in focus of curriculum: While there are huge similarities in the curriculum of both MBA and PGDM, there are finer points of difference. While MBA focuses more on theoretical aspects of management and is more exam-oriented, PGDM has a focus on building soft skills and is industry-oriented. It prepares you for the job market.
3) Curriculum of PGDM is flexible: Since an autonomous institute does not have to follow university standards, it is free to change its curriculum according to industry standards and change in business environment. Also a PGDM gives you an industry exposure. Whereas it will take time to change the curriculum for MBAs as it is affiliated with a university and it will essentially follow the university guidelines and changing this curriculum is a very slow process.
4) MBAs are more affordable: In compared to PGDM, generally MBAs are more affordable as the fees is almost similar to university standard.
While seeking job opportunities, in recent past corporates generally prefer MBA candidates over PGDM .
However with more awareness and changing times.both MBA n PGDM are now gradually being considered equal.
Good LUCK!