Congrats on the acceptances!
It sounds like you're inclined to go back to India -- if you're undecided (and chances are you're probably a pretty smart guy), then chances are it's one of those decisions that could go either way. So in that case, you have to trust your gut on this one.
As for long-term, in most western countries especially the US - where you went to school 10-20 years ago has little bearing on your social/economic opportunities. It's about the here and now -- and in most cases, it comes down to what you can offer in the present moment (whether it's money, power, or talent). In Asian cultures they seem to go gaga over school brands that persist over a longer period of time than in the US or Europe, but then again, in the long-term for you (i.e. 10-20 years from now), that could very well change too if you believe that the Indian business environment will become less stratified and more "American" in the sense that it becomes more about "money talks now". Who knows.
Ultimately though, it comes down to what YOU want moreso than how you feel others to perceive your "branding" so to speak.
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