MBA is a degree awarded by universities (e.g., AKTU, universities like Lucknow University) and is UGC-recognized. PGDM (Post Graduate Diploma in Management) is offered by autonomous AICTE-approved institutes like IIM Lucknow (which now awards MBA under the IIM Act), IMT Ghaziabad (PGDM), and BIMTECH (PGDM). While both are considered equivalent for jobs and higher studies (including PhD under UGC regulations), only MBA is a formal 'degree.' PGDM curricula are more industry-responsive and updated frequently. Since 2017, IIMs award MBA degrees, but many private institutes still confer PGDM diplomas.