CIMA

The Chartered Institute of Management Accountants (CIMA) is a UK based professional offering training and qualification in management accountancy and related subjects. It is focused on accountants working in industry and provides ongoing support and training for members. CIMA is one of the most favorite qualification of MNCs, even in India.
After the recession of 2008, number of MNCs operating in India has increased significantly and local qualification don't serve the purpose in MNCs. They need an international qualification.
Soon, IFRS will be implemented in India and CIMA already follows IFRS, thus in coming future its demand will be rising drastically.

ACCA is indeed a good certification globally. But, in Indian context, it is still struggling to be relevant primarily because of already established professional certifications like CA and CMA. ACCA provides good exposure in globally relevant areas like IFRS and US GAAP. But again, in India ACCA doesn't have strong base compared to its local counter parts. A local degree course such as MBA along with ACCA can be a good combination in India.
This is my personal opinion. You may research further or take an advice from a qualified ACCA regarding the scenario in India.
CIMA certification will give you a overall knowledge of accounting as this is course is focused on management term you'll be able to answer the whys and whats of the accounts and actually provide a way forward. Management accounting is basically accounting for internal affairs, making decisions related to product, cost, time which affects business outcome. CIMA certification enhances your professional stature and opens up the opportunity to work with imminent clients and depicts that you are committed to increase your knowledge by studying further.
Pursuing CIMA doesn't put you at risk of losing your money for a long time. MBA does. The fees is affordable, the course is comprehensive (without fluff) and the subjects covered in the course are relevant.