Hi TJ,
not a bad plan - comments as follows:
1: The JAR or EASA licence doesn't sound necessary in your case due to the extra cost and the fact that you don't seem fixated on working in the EU - you would need to have the right to live and work here also. It's a huge issue for many non-JAR/non-EU citizens who would love to fly here, but not for you.
2. India is actually a good bet for work - there is a huge expansion happening currently with both older carriers such as Air India and newer Low Cost carriers like Kingfisher ramping up their activity substantially. The Indian government seems to have realised finally that the business has expanded hugely and foreign carriers were picking up the slack - now we're seeing more protectionism on the government's part to allow local carriers to start up and grow. As an Indian citizen with training and an FAA licence, you should stand a very good chance of picking up a job with one of the Indian airlines - just be sure you don't sell your soul to get a job with them, or you may not be able to move on as you planned.
3. Education- the MBA sounds good, but you really shouldn't do one until you have several years of commercial experience under your belt. Many courses won't take in raw graduates, and if you find one that does, it would be devalued in the eyes of potential employers. It's an incredibly difficult course and will simply eat your time and attention for as long as you do it, so you would need to be very committed. I would question its value these days for many potential employers - it used to be the thing to have, and to some extent it's shot its bolt. I'm not saying it's a bad idea, but think about it carefully if you do get around to it!