Mba worth

Does mba helps in long term? I know in short term it doesn't pay as much as sdes. But in long term sdes have salaries capped after certain stage. So if one decides to go into executive position, does not having mba hinders the process. Has anyone experienced this non - sense. I know this doesn't happen in usa, there people from philosophy background can go into higher position on the basis of merit or politics:). But here in India how's the scenario. Please put your thoughts..