Hi Mrityunjay,

If you wish to study at top B-schools such as IIMs, XLRI, IIFT, MDI, FMS, IITs, etc. and you are confident that after one year of preparation, you would be able to crack national-level MBAs such as CAT or XAT or IIFT with high percentile, then dropping a year is certainly a good idea. 

You should know that final year graduation students are eligible to appear for MBA entrance exams. You can appear for all of these MBA entrance exams this year to check where you stand in terms of preparation and strategically, you can further plan your preparation. 

Good luck.