What would be a better option for a current CS student at Mumbai University a Masters from a decent IIT or an MS abroad in the US?

The decision of pursuing Masters from any university in the country or the US depends on the basis of your reasoning. Following are a few fields that might have interested you in pursuing master’s.

Research

• If you are highly interested in the research field then it is suggested to look for the best professor. 
• Examine the websites of universities around the globe thoroughly, visit profiles of such professors working in the same field as you, and might as well take a look at their publications. 
• Through this you would be able to evaluate their quality of work and the frequency of their publications would give you an idea about their active roles in this field. 
• It would be even better if you could consult with their students. 
• Proper guidance is required to receive benefits in pursuing your interest.

Job

• If your ultimate goal is to land a job after your PG, then you should know that it is kind of a mix here. 
• Your field of Masters, your affluence, the risks intake on your part would be the deciding factors. 
• In the majority of the engineering fields, it is difficult to land a job worth your master’s degree in India. 
• If you are successful in securing admissions to an esteemed university in the US then you would have an edge over acquiring a good job. 
• The majority of the IT companies have their headquarters situated in Silicon Valley and the quality of work is exceptional too. 
• You would receive exposure to various other cultures and diverse professional practices.

There are certain drawbacks to this as well. Master’s from US can be on the expensive side and more of a risk. If you are planning to pursue the degree after a loan then you should rethink your choices. Paying out a hefty loan in India from an Indian salary will severely strain your finances. There are ways to work around this issue. But, it's still a risk.