I presume u've entered 3rd year now. And so will applying for fall 2014 or spring 2015...
The gre verbal is relatively simple IF u are strong with shortcuts and ur basic maths....u won't get complex calculus or trigonometry. As long as u can work out solutions FAST, it should be easy to score 150+...verbal is tougher. The words won't be the ones u've used often....also the analogies, reading comprehension will require concentration....
Gre prep can be done in 1 to upto 6 months depending on the person....so better to start ur prep early, so tat u can do enough practice tests and time urself properly..
As for ms vs mtech, look at the 10 year salary. Assuming u finish ur ms by 2016 and get a good job (which is a little tough off late), by 2026only a handful of IIT mtech guys will have a bank balance rivaling urs....and remember that the GATE isnt an easy exam. Unless ur very focussed and brilliant, its comparatively easier to get MS admit.
But having said that, u can't compare Indian studies and that of north America. Ms too will be tough cuz we'll get TOO MUCH freedom to choose our courses...which can be a problem :-)
Job market is slightly low in USA now. But by the time u pass out, things should change. If ur ready to slog it out, no IIT mtech can match upto u!
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