Heyy Sreepriya,

A PGP (Post Graduate Program) is offered by institutes approved by AICTE. These institutes are not associated with any university.  Whereas, MBAs are offered by institutes associated with a university. Generally the course structure in both these degrees are almost identical with a few exceptions maybe.  Even though there is not thumb rule to define which one is better than the other. But, In India PGPs are mostly offered by independent institutes like IIMs, so they have an edge over the other.

Hope it helps :)