What is the better career option - to launch a startup or prepare for a Govt. job?

First of all, when in the past you have opted for B.A. you have something in mind before that what to do in future or where this course would lead you to. It depends upon your calibre and interest.
You should first complete your graduation wholeheartedly and learn all concepts of your curriculum. But, in this competitive world, the only graduation would not give you a salaried job. If you are aspiring for a startup then you can go for it even after the graduation course. But, as earlier explained by you you want an early success, then a startup will never provide gains very early. Even some startups are shut down within two or three years. But if you are determined you can do it. Let me explain to you some of the features of a startup so that you can decide if they suit you:
a) Requires innovation and entrepreneurial skills.
b) No security and no specified income.
c) High risk but always remember profit is the reward for your risk-taking.
d) No minimum qualification required.

If you want security and specified salaried packages then you can go to government jobs. Also, administrative services are advisable which provides you with good exposure and reputation and also you have an upper edge as you are doing B.A.

If you want to gain entrepreneurial skills and management skills or want to work in MNC then go for aptitude tests. Competition is tough but some of the best colleges like IIM provides better job opportunities and inculcate the best skills in students. Also, after this, you can start your venture and apply your management skills to your venture.
So, first, segregate your choices, your financial freedom and then draw up your conclusion. Nothing is impossible in this world but to make everything possible you should have plans and execution of them is necessary.

Too much thinking and not concentrating on our studies will never do good for us. What you are thinking is in no way important. But how you are performing is the essence. So my first suggestion to you is to concentrate on your studies and complete your graduation and try to get a good rank and marks in this degree. If you spend your time thinking about the future and forgetting your responsibilities of the day will be proved to be fatal. So come out of your thoughts and start taking action. The first target should be to complete your degree.
All the choices you have expressed are good. But it all depends on the individual. A government job or CAT or startup.
A government job with a BA degree is very difficult. You have to complete your BA and then think of improving your qualifications by doing PG or BEd. If you do B. Ed, you may get a teacher post and you will have a settled life. If you do PG, you may get a teaching post or a job in Bank or so. But the competition is very high and a lot of preparation is required. So if you want to have a settled and peaceful life you can think of this line.
If you are interested in going for an industry job in an MNC, MBA from a famous institute is very important. For admission to such institutes, you should concentrate on your CAT. So based on your mentality and desire you should think about whether to go for CAT or not?
A start-up is the best path these days. Many people are unemployed and they are looking for jobs. By starting your own start-up, you can become an employer rather than an employee. If the start-up you have started is successful you will have excellent returns and you will have a good future. But it is not an easy path. You have to cross many hurdles and sustain the tempo. There will be tough competition and you should be able to withstand that competition. You should be on your toes 24 X 7 all the time till your start-up is established and give you good fruits. It is not that one month is over and you will get your salary. But once established you will be on top.
I feel going for a start-up after MBA is the best course of action if you can take the risk and stand firm in difficult times. If you want an easy and normal life go for B.Ed after BA and try for a teahcer job.

You need not be perturbed at this stage while you are continuing your B.A. You will have to concentrate on your present studies and keep in a mind that all the subjects in your curriculum main or otherwise play vital roles in your studies. Make an attempt to spare sufficient time for all the subjects so that you could secure respectable marks in each paper so that final aggregate exceeds beyond 65 percent marks. Such scoring is essential especially if you are interested to join as Management Trainee in any Public Undertaking. Of course, you need to acquire different skills such as effective communication skills apart from your familiarity with the current events and good acquaintance of General Knowledge. You need to fine tune your skills with any professional institution for horning your skills in that direction.
Unless you are clear with your strategies, you cannot achieve success. You have to see which subject if pursued further for post graduation would open up a bright career for the post of lectures after qualifying your NET. These days, both Economics and English are in the great demands and you can go ahead to post graduation in either of the subjects. This is an illustrative example and may not suit your combination. However, with the aggregate marks of exceeding 55% will make you eligible for NET. It could suit your mind.
The other areas could be Banking Examination to be inducted as PO of the banks both private and public ones with your systemic preparation for its syllabus with some coveted institutions.
If you have the flair for the management area, the best way would be to clear the CAT test so that you could get a seat in one of IIM institutions such as Ahmedabad, Bangalore or any preferred locations. This could prove highly rewarding ultimately especially when you land into a job of any MNC with the lucrative emoluments.
There is no dearth of the opportunities after acquiring your B.A with your impressive marks, you need to decide the appropriate area matching your interest and inclination.

Without thinking much at first, you should focus on present studies. Graduation is very important degree in path of making career. So, you should try to secure good marks in graduation. There are many examination where your graduation marks can be seen before accepting application.
One important thing is graduation degree would not be sufficient for getting salaried job. So, you need to go further studies according to interest. If you want to join teaching field then you should go for B. Ed degree. For joining lectureship you should go for post-graduation and NET. Besides, If you having interest in industry job in MNC then you can apply for MBA from better institute.
Always keep in mind, there is no short cut to get success. Competition is very high in every field. To get government job is not easy task. You will have to work hard for finding job.

Your confusion is just a passing phase. Once you analyse and review and move ahead practically and positively, things will be easier for you. I am giving my suggestions below.

Being in the final year of BA course, you are just in the last lap of a qualifying stage. With whatever time left, work hard with good focus and complete the course successfully. Once the exams are over and you are having tension free times ,you will get a solution by yourself. So your immediate priority is to pass BA degree. Then you are a graduate and your next step will have a better base.

Startups are not so happy events always. Success may not come immediately. It may take years and some real pains to become stabilised and then successful. But if you have some unique ideas that will sell well, then you may have find your team with moral, financial and technical support.You need a clear line and direction bout your venture.
As startups are not one day products and may involve continuous efforts and reviews and re-adjustments,you can also continue with higher studies.

There are many jobs which need only graduation as minimum eligible qualification. So you can try for such jobs after completing your BA degree. You can also try to improve your venture ideas also simultaneously. Suitable higher studies may be helpful in your start up ideas too.

In case you are having some unique saleable and feasible ideas, you have the entrepreneurial mindset, a capacity and readiness to take up risk for growth, then I suggest you search the suitable 'startup incubators' near your place. Read profiles about successful startups. If you can find anyone who have built up a successful startup, meet and discuss about with them.

So my suggestion is : first study well and complete your present course successfully and obtain the BA degree. Then try preparing for any job-including he government jobs- for which minimum education is a graduation. If needed you can quit the job later when such a necessity comes. I you still nourish theurge and thrust of a start up the obtain details for that as mentioned in previous paragraph and proceed.
Do not remain confused. Have a clear path achieving one by one immediate achievable goals and priorities. Best Wishes.