Confused between Government job vs MBA

Higher education or qualifications is always preferred but in your case I guess, it is better to get a job first. It is because you do not want to pursue M. Tech. So you can try and work hard to secure a good government job. Work there for at least 1 year and then MBA can be pursued through correspondence in the specialization of your need or interest.
You have not mentioned your B. Tech. specialization, so specific job sector cannot be suggested but in general, you can go for-
1. Competitive exams for government jobs
2. Can pursue integrated Ph. D. After successfully completing this, you will be getting excellent jobs that too in the research sector of the technical world.
3. If you are interested in teaching, appear in NET LS (National Eligibility Test- Lecturership) exams. IF you secure a good rank, you will be able to start your career as a lecturer in government institutes. Please note that further promotions to higher designations depend upon your performances and the rules change from time to time.
4. If your family supports your MBA financially, you may enroll for the same as a full-time course in the specialization like business management, marketing or any of your choices. If you will be able to pursue it from the top institute, then job searching will not be an issue for you as all the top MBA colleges provide excellent placements.

Since you have completed your B.Tech though you have not specifically mentioned the stream with which the course was completed. With this qualification alone irrespective of the stream, there would few interesting offerings and joining any one of such posts can provide you a stable and a satisfying career. You may look into such options -
1) Time to time, you can observe vacancies in the public sector organisations such as BHEL, SAIL, ONGC, DVC having vacancies of Graduate- engineers in different streams such as Mechanical, Electrical, Chemical, Compute- science etc for the aspirants having secured at least 65 percent marks consistently in all the semesters. With putting your little effort, you can qualify both written and your oral test so as to be absorbed as the Graduate - engineer. This will provide you ultimate growth in your service career.
2) Securing GATE would be one of the best ideas in both the cases for joining M.Tech or joining in the public sector as an engineering. A brilliant scoring beyond 97 and onward percentile will make you entitled for two additional increments in your basic apart from your preference in the selection of Graduate - enginner in the PSU.
3) Prepare well for the competitive Examinations of Probationary Officers advertised for both public sector and private banks. You can take help of any leading coaching institution for your smooth preparation.
4) Once you get a job in the banking sector, take up the distance course of MBA in finance from IGNOU or any other recognised institution so as get a specialised stream which will boost your career your further in your banking - system.
5) If interested for the government job, you can prepare for IES so as to get a coveted job in the Central Government.
6) Prepare well for the competitive examination for the management and secure at least 99 percentile in CAT so as to get a seat in IIM Mumbai, IIM Indore etc and in that way, you will have a lucrative opening in your career in one of the multinational companies.

Today there is tough competition for getting a suitable job as everywhere one has to compete with the crowd of qualified people. Still, with hard work and sustained efforts one can be successful in making a career. Just completing an engineering degree does not automatically entitle one to get a high notch job. Today there is a big mismatch between the production of qualified people from the universities and the available jobs in the industry. So one has to accept that fact and try for the various options available in the market. One has also to remember that till one gets a good job there is no harm in engaging oneself with a mediocre job as that gives not only an engagement but experience of the real world outside the college campus. Some of the options you can consider are as follows -

1. Applying for executives/ graduate trainees in Public Sectors organisation - There are many PSUs in our country which advertise posts for its various vacancies and one can apply in that and appear in the respective examination and with proper preparation can come in merit and get the position. NTPC, ONGC, Oil India, HPCL, IOL, Coal India, Hindustan Copper, and many others are there which periodically advertise the posts.

2. Indian Railways - Indian Railways also advertise posts where engineering graduates can apply. The recruitments are managed by Railway Recruitment Board through examinations and interviews. This is a very good career option and one must try this.

3. State and central Govt administrative services - Every year many people apply in this stream and though the competition is tough but this is one of the lucrative career today and in my opinion one should do all out efforts to get through in it.

4. Teaching career - If one has interest in teaching then one can go for B.Ed. and then apply for teaching jobs. Some private schools hire people without B.Ed. also especially for computer projects and things like that. Other option is there are many private coaching centres all across the country and they would take the engineering graduates as their faculty.

5. Working assistants in industries and business houses - There are many companies which hire the graduates for many miscellaneous works in their organisations. For an engineering graduate they may appear out of the core activity but they are very good for earning experience of practical work and with that one can learn many skills which can be useful when one switches from this job to other stream.

6. Computer domain - If one has some interest in computer area then with some short time certification one can try for a job in the industry like animation, web designing, system administrator, software testing etc.

You are an engineering graduate. You have many choices before you. You can select based on your interest and the marks you obtained.
You have already told that you are not interested in M Tech.

These days I suggest anybody get into a job if the chance comes. The ultimate aim is to join in a job and start earning. If you are getting a good government job never hesitate to join. These days getting a job is very difficult and the chances of government job are very less. So if you got a government job which suits your qualification join immediately without any second thought.

Register your CV on naukri.com or timesjob.com or any other reputed job sites. You will get alerts from them and you can apply for the suitable posts. Even a private job is also OK if the organisation is a reputed Organisation.

Don't sit idle expecting a job. Try and appear for GATE. GATE score will help in getting a good government job or job in a government undertaking. So concentrate more on scoring a better score in GATE.

There are many jobs in the banking sector. So if there is any advertisement for bank officers apply for it and try to get it.

You can apply for NET and get a good score so that you can get into a teaching job.

Generally speaking pursuing professional courses by many to fetch a good job and earn a good income. After attaining a degree and job pursuing more education is upto the interest of the person. Accordingly you are advised a good job either in Government or private sector without waiting more and more. There may be unnecessary questioning if applying for a job after a gap of period.