Germany

Studying MBA from a foreign university has definitely its own advantages. It enrich your experience and broaden your thinking level .

But MBA degree from less known university ( Oxford, Stanford is a different thing) is less valuable than any a decent Indian b school.Cost is also a critical factor.

Also alumini network region, future goal ( what after MBA) are other things to consider .MBA from IP University is equally good as the university is well known in India and have alumini network withing the region and NCR region .

Goethe University Frankfurt is ranked among the best research universities in the world and is well-known for having 19 Nobel laureates among its alumni.

One should cost as a big factor courses like M.A.Goethe University is definitely a better choice but one give preference to Presidency college as the cost would he low. 

M.A from any top ranked NIRF university ( top 50 -60 ) would be a good choice .Also you can explore the options of distance M.A.