You can perhaps get a better response if you mention what tier of schools you are looking for in Europe, based on your profile and funding.
Management as a subject of research and study was started in Europe long before anywhere in the rest of the world. So there would be no question about the quality of education in some of the premier management schools in Europe.
The main concern is however the economy and the job scene and the situation IS pretty bleak.
But a MIM from the top tier schools can brighten the prospects. While there is no guarantee, from the best schools in UK, there is a decent chance of getting a job. Plus you asked about job prospects in India, and those are much better after a degree from say LBS or HEC.
You can also explore some flexible programs like the one HEC has which allows you to work for a year in between the program. My friends in HEC have internships at Apple and other good companies.
So I would recommend you narrow down based on profile and funding, what type of schools you are targeting and then people can help you better.