imho :after PGDM, the only higher qualification is a PhD .. the people doing MFE/MiF are usually non-engineers [ it is usual for most iim students to be engineers by background ]
Indian schools are more economics than finance-oriented .. but there are some good schools for quant work ..IIM CalcuttaDelhi School of EconomicsIndian Statistical Instituteetc.But I don't think there's any exclusively quant finance-oriented school there .. then again, I might be wrong.