M.Des

Modern day photographer can work in many avatars, the notable among them include:
Press Photographers/photojournalists: Photojournalists supply pictures to the national and global press. This career role demands an ability to photograph all kinds of newsworthy people, places, sports, political, and community events for newspapers, journals, magazines, or television. A photojournalist must possess a journalistic sense to shoot a good news picture.
Feature Photographers: Feature photography essentially involves describing a story through pictures and hence requires a thorough knowledge of the subject. Many photographers specialize in the photography of wildlife, sports travel, environment, etc.
Commercial (industrial) Photographers: Such a photographer takes pictures of merchandise, exteriors and interiors of factories, and machinery both indoors and outdoors to be used for company brochures, annual reports, and in advertising and selling.
Portrait and Wedding Photographers: They take pictures of individuals or small groups, handling subjects like pets, children, families, weddings, functions and activities of sports and social clubs.
Advertising Photographers: They are connected with the photographic departments of advertising agencies, photographic studios. A sizeable section of them happens to be freelancers. Advertising photography is possibly the best-paid and most competitive branch of all, success in this sphere depends entirely on ability, efficiency and the right personality.
Fashion Photographers: This arena has developed in India only recently. The bulk of fashion photography is carried out in either Mumbai or Delhi and involves by highly sophisticated and well-equipped studios by freelancers who are commissioned by fashion houses of advertising agencies.
Scientific Photographer: They typically possess additional knowledge in areas such as engineering, medicine, biology, or chemistry which assist them in photographing a range of subject-related objects or scientific phenomena. This career role offers a variety of work in terms of assignments. One can either work with news reporters or work as a freelancer on independent assignments about the environment, wildlife and other allied fields.
Freelance Photographer: Freelancing has been the most popular career choice among photographers. Photographers who want to be self-employed need to have business management skills. They can do freelancing in any of the above fields.

Do, absolutely, go for it. It is much better than going for an MBA (unless the MBA serves a grand plan of yours). With an M.Des in hand, sooner or later you'll find yourself wanted badly by the industry. The Indian manufacturing/services mindset is changing, and we are moving towards more of a 'build a brand' mindset. The things that'd get us there are:
a) Greatly designed products and services
b) Great marketing
A design course would not just give you the skills that the industry needs, but also a way of thinking that unlocks doors.
I personally have not gone for a Master's degree after Bachelors in engineering, but being in touch with designers has made me hold them in high respect.
For entrepreneurs:
Design thinking makes you see opportunities, and that's great for an entrepreneurial mind.
For professionals:
The pay may be low (though that's changing too), but some of the projects you might be on will have a potentially great impact.
That said, it's really hard work being a designer if you're up for it and for a prolonged period of struggle, a world of wonder awaits you.

Hi Sunaini,
Admission procedure and the requirements vary from university to university, certainly, most of them would require you to hold a relevant education qualification, also a portfolio must be provided as part of your application where you can show your creative skills and ideas. You must also take the IELTS or TOEFL to meet the English language proficiency requirements. You have to decide where to study as by abroad it gives a very generic idea, some world famous universities for design are Georgia Institute of Technology, the University of Illinois at Chicago, Rhode Island School of Design, Copenhagen Institute of Interaction Design, etc.Check the websites of these universities to have an idea of the requirements and prepare accordingly.