M.Tech

If you are interested in technical field, and if you enjoy programming you must go for M. Tech.
If you don't enjoy programming and rather enjoy dealing with people, organizing events at college etc. then MBA will be better for you.
Preparing for both MBA Entrance(CAT etc.) and M. Tech (GATE) should ideally be started in 5th semester. You can join a coaching class to start preparing. But before selecting one of these, think wisely. Both streams have ample of opportunity and bright future.

Clear English Proficiency Tests such as IELTS, TOEFL etc as applicable to your university with demanded score.

If you are good in your subject and feel that you can contribute more to the growing world of technology, then ME is a good choice. If you are confident of your managerial skills and wish to climb the corporate ladder then MBA is a good choice.

If you have some doubts on your choice, better take up appointment with some company of your interest. Get some experience and then decide on further up gradation.

Power System Engineering is a better option for job in comparison to Power Electronics specialisation in M.Tech EEE.

Your query is pirely absurd

If you do part time M.Sc IT from a recognized university then you are eligible for M.Tech.