Hi Abhisekh,
Thanks for your post, and congrats on getting the GMAT under your belt and working on/investigating your next career steps.
Given that you have 1 year of work experience, you're likely more qualified for an MiM, as that degree is designed for an earlier point in one's career, and the average MBA begins with 5 years of full time work experience. Certainly both degrees can further careers, make connections, provide a management education. It really depends on where you are at in your career, and where you would like to be, and how you envision your coming 5-10 years playing out.
I suggest doing some research and deep thinking and identifying the WHY... why do you want a management degree... where do you see your career taking you, and then assess which path and timeframe might make more sense. Try to research into the specific jobs you envision having after the degree... speak to people if possible, get in touch.... consider informational interviews with managers and/or HR in roles/companies you'd consider for additional feedback and insight.
Good luck to you!