Thanks tutonic and lemonpee for your help and guidance.
Don't really know how it compares with Master's programs abroad tbh (especially if funding is not a concern). I know ISI places almost all the students that apply (which is usually 6-7 per year), with the median placement at around a low top 20 on average (some years, such as this year, it is better and some worse).
I don't think the entrance is too hard to crack (I wasn't even an econ major and I passed so that should tell you something).
I don't know about 2-3 years of experience after your B.A., but a year of research assistantship with top economists from the Indian Statistical Institute should a great experience - if you are into game theories and abstract concepts.
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