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Even after Phd it is difficult to earn good money as a mechanical engineer. I have many friends who either left India after Phd or joined as an assistant prof in some good govt. Tier-1 colleges where life is easy but still not a good salary.
If you are planning a PhD for a good job then I recommend you write GRE and go abroad for MS or PhD.
Or else do Mtech from some good branch.
Or prepare for the CAT and do MBA from a good college.
So no scope in mechanical? If I be honest although IT money is attractive but I seriously won't be able to enjoy my work. So suggest me work happiness or money what matters most?