Hello aspirant,
The answer to your question depends upon yourself.
The government will let you work under them, no personel freedom.
No business.
However, with alot of benefits.
Whereas, mba from iim or just mba will allow you to explore yourself.
Freedom to choose your work, if you are choosing to do business.

Choose according to your convenience, both are very demanding and promising career options.

All the best.

Hey !

It totally depends upon your interest. After MBA from top colleges  like IIM ,you will be placed in a private sector job with a handsome salary  package of 10-12 lakhs with some perks. And the salary of government jobs can range from 20000 to 2 lakhs per monnth. But government job has their own perks like LTC , transport allowance , TADA  etc. You can not compare the perks of these two jobs as  government jobs have high perks. 

But which one , you should choose , that should totally depend upin you.