Which is a better option: MBA or PGDM?

Both are considered equivalent in India; its the institute giving the degree that matters the most. Though, MBA is more globally recognised. Irrespective of the degree, ensure it's pursued only from a reputed college.

If you have good scorecard in CAT examination, and if you have more than 95 percentile, then you should do MBA. Otherwise, you should go for PGDM.