Hi Sravan

Their are alot of factors affecting the choice you have to make -
1. Fee structure
    Usually the govt colleges have lesser fees in  
    comparison to the private colleges.
2. Loaction
    Govt and private colleges both are located in every city 
    near or far away from home place.
3. Faculty
    Both govt and private colleges provide their best faculty
    for the management cources.
4. Placements
    Colleges having a good repuation and name irrespective
    of govt or private college provide good placement

Keeping all these things in mind one should make a decision.
If paying high fees is not a problem for you then you should take admission in private college.

Hey Sravan,
Management courses are ofcourse much better in Govt Universities.
And hereby are the top colleges for management-
IIM AHEMDABAD
IIM BANGALORE
IIM KOLKATA
FMS DELHI
XLRI JAMSHEDPUR
IIM KHOZIKODE
NITIE MUMBAI
IIM SHILLONG
TISS MUMBAI
IIM TRICHY, etc

And hereby are some private good colleges for MBA-
NMIMS
SPJIMR
JBIMS
WELINGKAR

And to enroll yourself in these colleges you have to qualify CAT examination with the required cutoff.
I hope this will help you out, for further query you can comment below.
All the best.