From what you are saying it seems that you are sure about a career in HR. It depends on what opportunities come your way. If you are able to get good job-opportunity its advisable that you take it up and gather some work-experience and hands-on training for a couple of years. After that you can consider taking up a full-time MBA in India or the best option would be going abroad. We understand that you would want to stay in Mumbai. But going abroad can be a rewarding exposure.
Hope this helps. Feel free to write back for further queries.