Should I pursue MBA from IIM or abroad? If abroad, which country should I prefer? Also, which are the best colleges in that country?

This would depend a lot on your career aspirations. If you intend to settle/migrate abroad then you should pursue MBA from a country that interests you for settling abroad. If you intend to return to india to pursue a career, then it makes more sense to pursue a course in India and take advantage of

Hi Sharavana, Indian Institute of Management Ahmedabad, Indian Institute of Management Bangalore,Indian Institute of Management Calcutta and Indian School of Business are the only Indian B- schools featuring in the world MBA rankings. If the desired IIM is among these you don't have to worry much