My Profile:

Bachelor in Business Administration-BIT, Mesra
GPA-8.4
Academic major: International Banking & Finance
Academic Minor: Human Resourece Management
Summer Internship- Ministry of Social Development & Human Security and Ministry of Education, The Royal Thai Government;
Save The Children Foundation, Thailand, "Act Against HIV"
Career objective: Institutional Development Banking with strong emphasis on Social Reconstruction, Economic Policy Making and Analysis.

I have shortlisted Imperial College London & HKUST to pursue MSc. Economics/MSc. Economics & Strategy for Business, as offered in Imperial.
I dont want to go for an MBA right after my BBA as, I think it is not fruitful. I am of the opinion that I should opt for MBA only after acquiring min. 3 yrs of full time work exp. Am I correct in my opinion?
Now, regarding the 2 short listed institution, Imperial ranks 4th in FT for MSc. Eco whereas, HKUST ranks 22nd in the same.
The cost for Imperial MSc. is £20000+Living cost of 1 year whereas, HKUST is HK$128000+Living cost of 1 year. Expressed in INR, Imperial will be all total 23 Lakhs and HKUST will be 12 Lakhs.

My queries are;
1] Given the present turbulency in Western economy, is it wise to opt for a MSc at Imperial with substantial financial liability or is it wiser to invest in HKUST as Asian scenario is quite in place and specifically China, Hong Kong, Singapore are on the list of growing economies and "would be" financial centers of the world.
2] With ref. to the discipline opted; Economics, HKUST will be at edge as Hong Kong and Shanghai are the "Mecca of Banking & Finance"?
3] Do I need to focus on the importance of "Equivalence Status" of 1 Yr Master degree obtained outside India, as AIU doesn't recognise the MSc degree offered with duration less than that of 2 years. On the contrary, the industry gives significant weightage to the Master degrees earned from either Ivy League Institutions (for USA) or Red Brick Colleges (for UK)?

Kindly guide me with your valuable opinion and help me in proper decision making as I am quite novice in terms of industry experience and undergoing impacts of economic trends in business.