Which should I prefer, Melbourne Business School (MBS) or IIM Indore?

You can consider enrolling in Melbourne Business School if you wish to live and work in Melbourne, or any other region of Australia. IIM Indore can prove to be a better alternative if you want to work in India instead. The choice also depends a lot on your expectations from the programs you are looking out for. 

Melbourne Business School can provide you with global exposure that can be extremely beneficial for the growth perspective of your career. This makes MBS a better option over IIM Indore. It is Australia's top-ranked business school. For an Indian student, it would be similar to studying at IIM Ahmedabad. If all you want is a diploma and a job, IIM Indore is the place to go.