Bangalore

No. Its no at all compulsory. But if you are thinking to do Masters in India, then GATE. Is the best. Even if you spend a year in preparation, no problem, go for GATE. With out GATE.
1. Career aspect: First thing you can't get into well reputed institutes like IITs, NITs, and some government colleges. When you done with you are M.Tech, the college from where you have done your Masters is very important. It matters a lot in initial stages of your career. Most of the private colleges in India for name sake they are providing M.Tech degrees, but they don't have required lab facilities and well qualified faculty too, so what is the use obtaining degree from such universities?
2. Financial aspect:You have take care all financial needs by yourself. If you have cleared GATE. You will be getting stipend of 12400 pm, that too in government institutes you will have very less fees. Do you know? IIT Kharagpur tuition fee is 5k per semester, including everything ie food+Hostel+internet+medical etc. It comes out 33k per semester. You won't get such low fees in anywhere in India. Actually any GATE. Qualified, if he takes admission through GATE. In any AICTE approved colleges should stipend of 12400 pm, but it never happened in reality. You know its all government, no need to explain our system.

The comparison of both of Institutes for Management courses are given below.
Jain University :
1. NIRF Ranking : Ranked 86 under Management & 115 under Engineering Category
2. Ranked 91-95 among the top Indian Universities
3. Ranked #2 under Young Universities in Karnataka
4. Overall Students placed in 2009-17= 4000+
5. Recruiters on Campus in 2009-17= 200+
6. The highest package= 18 LPA
7. Average package= 7.2 LPA
KIAMS : Has been ranked No.4 in India, just behind the IIMs, in the NHRDN-People Matters B-School Ranking 2016 for Leadership and Governance. Also, KIAMS was highly rated on many other aspects including:
1. Overall Students placed in 2018-19= 1600+
2. Placements in 2017-19= 97%
3. Recruiters on Campus in 2017-19= 200+
4. The highest package= 15.64 LPA
5. Average package= 5.95 LPA
6. Ranked 17th among Top Private B-School South Zone India by The Week 2019
7. Ranked A+ consistently by Business India
8. Ranked 10th among best private B-Schools in Karnataka by GHRDC
9. Ranked AAA among India's Best B-schools 2018 by Careers 360
10. Ranked B among India's Top150 B-schools 2017 in MBA Education & Careers published by T. I. M.E
So from above NIRF ranking of Jain University is making big difference here. So I am with Jain University.